A class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of OmniVision Technologies, Inc. (NASDAQ:OVTI) securities between June 11, 2003 and June 9, 2004 (the "Class Period").

OmniVision produces semiconductor image sensor devices. The Company's main product, an image sensing device called the CameraChip, is used to capture an image in a wide variety of consumer and commercial mass market applications, including digital still cameras, cellular telephones, security and surveillance cameras and video game consoles.

The complaint alleges that OmniVision and certain of its officers violated federal securities laws by making false and misleading statements to the investing public regarding OmniVision's business and prospects, causing OmniVision's stock price to trade at artificially inflated levels during the Class Period, while at the same time, company insiders were selling off more than $30 million worth of their personal shares.

After OmniVision announced that it would be delaying reporting its fiscal 2004 results and disappointing 1Q05 forecasts, the Company's shares fell 30% to $17.63 per share.
As more fully detailed in the Complaint, defendants concealed from the public that the Company's previous financial statements had improperly recognized revenue and that the Company was actually losing market share to larger rivals, such as Micron Technology.

Update

This case is in Settlement. Claims are being processed by the claims administrator, Gilardi & Co. LLC. For more information, please contact a claims representative at (415) 461-0410, or view the Notice of Pendency and Proposed Settlement of Class Action on www.gilardi.com.