NEW YORK, June 18, 2004 (PRIMEZONE) -- The law firm Seeger Weiss LLP announces that on June 18, 2004 it filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of OmniVision Technologies, Inc. ("OmniVision" or the "Company") from June 11, 2003 through June 9, 2004, inclusive (the "Class Period").
The complaint charges OmniVision, Shaw Hong, H., John T. Rossi and Gene McCowan with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants, during the Class Period, issued a series of material misrepresentations to the market concerning the Company's financial condition, thereby artificially inflating the price of OmniVision's common stock.
On June 9, 2004, OmniVision announced that it had rescheduled the release of its fiscal 2004 fourth-quarter and year-end results to June 23, 2004, from the previously announced date of June 9, 2004. Additionally, OmniVision announced that it was considering the restatement of financial results for certain quarters of fiscal 2004 and, possibly, fiscal 2003. News of this shocked the market. Shares of OmniVision fell $7.84 per share or 30.78 percent on June 9, 2004, to close at $17.63 per share, on unusually high volume. The complaint further alleges that during the Class Period, OmniVision sold more than 3.22 million shares of common stock in a secondary with gross proceeds of $124.7 million, and insiders sold shares of their personally held OmniVision stock for proceeds in excess of $9.3 million.
If you are a member of the class described above, you may, not later than on or about August 9, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Seeger Weiss, or other counsel of your choice, to serve as your counsel in this action.
Seeger Weiss is a New York based firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients class members. Please contact Seeger Weiss at our toll-free number for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact us.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca