Settlement Alert: OmniVision Technologies, Inc.

3/18/2015 - On December 30, 2014, the parties in the consolidated class action lawsuit brought on behalf of the public stockholders of OmniVision Technologies, Inc. (“OmniVision), currently pending before the United States District Court of the Northern District of California, entered into a proposed settlement of the action.  The lawsuit was brought against OmniVision and certain of its senior executives, alleging that from August 27, 2010 through November 6, 2011, inclusive, OmniVision misled investors regarding its status as a lead or dominant supplier of CMOS 8 megapixel image sensors for the 2011 Apple iPhone 4S and its competitive position versus Sony in that regard.

NOTE that all capitalized terms are defined in Stipulation and Agreement of Compromise, Settlement and Release (the “Settlement Agreement”), which is available here

On March 4, 2015, the Court entered an Order granting preliminary approval of the Settlement for the purpose of allowing Notice of the Settlement to be provided to stockholders of OmniVision.  Click here for a copy of the Notice and Proof of Claim Form.

The Settlement provides a total recovery of $12.5 million in cash for the benefit of the Settlement Class.  Your legal rights and options in this Settlement, and the deadlines to exercise your rights under the terms of the Settlement Agreement, are explained in the Notice.

This is only a brief summary of the terms of the Settlement.  The full terms are included in the Settlement Agreement.