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Labaton Sucharow LLP Files a Class Action Lawsuit
Legal Business | 2011/10/31 08:40
Labaton Sucharow LLP filed a class action lawsuit on October 26, 2011 in the U.S. District Court for the Northern District of California. The lawsuit was filed on behalf of purchasers of OmniVision Technologies, Inc. common stock between August 27, 2010 and October 13, 2011, inclusive (the Class Period).

The action charges OmniVision and certain of its officers 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, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company had concealed the loss of its exclusive contract with Apple Inc. (Apple) to supply imaging sensors for Apple's celebrated iPhone.

OmniVision is a designer and manufacturer of image sensors that are used in digital cameras to convert optical images into electronic signals. OmniVision is one of the leading suppliers of complementary metal-oxide-semiconductors (CMOS) sensors used in mobile telephones. The Complaint alleges that OmniVision failed to disclose that: (a) it had lost its lucrative, high-profile, and exclusive contract with Apple; (b) competition was eroding its leadership position in the smartphone industry; (c) delays in the development of its 8-megapixel product line were threatening its prospects; and (d) it lacked a reasonable basis for its statements about its bright prospects in the smartphone market.

On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations. The Company also disclosed delays in the production of its new 8-megapixel product line. Based on the Company's disappointing guidance, analysts recognized that OmniVision would not be the exclusive producer of camera components for Apple's new, fifth generation iPhone--the iPhone 4S--set for release in the fall of 2011. As a result of these revelations, OmniVision's stock declined $7.55 per share, or 30.4 percent, to close at $17.27 per share on August 26, 2011 on extraordinary trading volume.

On October 14, 2011, the iPhone 4S became available for sale and for disassembly. Based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision's stock fell $1.65 per share, or 9.3 percent, to close at $15.95 per share on October 14, 2011 on high trading volume.

On October 14, 2011, the iPhone 4S became available for sale and for disassembly. Based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision's stock fell $1.65 per share, or 9.3 percent, to close at $15.95 per share on October 14, 2011 on high trading volume.

If you are a member of this Class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for more than 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.


Pensions the latest political risk for RI governor
Topics | 2011/10/31 08:40
In 10 months in office, Gov. Lincoln Chafee has managed to anger an impressive assortment of constituencies: business leaders and organized labor, medical marijuana advocates and critics of illegal immigration.

It's been a bumpy ride for the nation's only independent governor, who insists he's only doing what is necessary to stabilize government finances and heal the state's frail economy. But so far Chafee is winning criticism faster than compliments, a risky move for a politician without a party elected by less than half of Rhode Island's voters.

This is a tough year — there are no surprises there, Chafee told the Associated Press during a recent interview. This year's budget was one of the worst. ... We're facing a very difficult economy. My belief is the status quo is unacceptable here in Rhode Island. Changes have to be made.

There's no question Chafee took office during one of the most challenging times in Ocean State history. The state's jobless rate remains stubbornly high at 10 percent. The financially troubled city of Central Falls was forced to seek bankruptcy protection. A state budget deficit that once stood at $300 million led to difficult spending cuts even as the state's long-looming pension crisis further destabilized government coffers.


Alabama immigration fight recalls civil rights era
Industry News | 2011/10/31 08:40
The epicenter of the fight over the patchwork of immigration laws in the United States is not Arizona, which shares a border with Mexico and became a common site for boycotts. Nor was it any of the four states that were next to pass their own crackdowns.

No, the case that's likely to be the first sorted out by the U.S. Supreme Court comes from the Deep South state of Alabama, where the nation's strictest immigration law has resurrected ugly images from the state's days as the nation's battleground for civil rights a half-century ago.

And Alabama's jump to the forefront says as much about the country's evolving demographics as it does the nation's collective memory of the state's sometimes violent path to desegregation.

With the failure of Congress in recent years to pass comprehensive federal immigration legislation, Arizona, Georgia, Utah, South Carolina and Indiana have passed their own. But supporters and opponents alike agree none contained provisions as strict as those passed in Alabama, among them one that required schools to check students' immigration status. That provision, which has been temporarily blocked, would allow the Supreme Court to reconsider a decision that said a kindergarten to high school education must be provided to illegal immigrants.


High court avoids dispute over highway crosses
Industry News | 2011/10/31 08:40
The Supreme Court won't hear an appeal of a ruling that 12-foot-high crosses along Utah highways in honor of dead state troopers violate the Constitution.

The justices voted 8-1 Monday to reject an appeal from Utah and a state troopers' group that wanted the court to throw out the ruling and take a more permissive view of religious symbols on public land.

Since 1998, the private Utah Highway Patrol Association has paid for and erected more than a dozen memorial crosses, most of them on state land. Texas-based American Atheists Inc. and three of its Utah members sued the state in 2005.

The federal appeals court in Denver said the crosses were an unconstitutional endorsement of Christianity by the Utah state government.

Justice Clarence Thomas issued a 19-page opinion dissenting from Monday's order. Thomas said the case offered the court the opportunity to clear up confusion over its approach to disputes over the First Amendment's Establishment Clause, the prohibition against governmental endorsement of religion.


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