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Labaton Sucharow LLP Files a Class Action Lawsuit
Legal Business |
2011/10/31 08:40
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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. |
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Baker Donelson law firm acquires Houston practice
Legal Business |
2011/10/23 10:44
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A Memphis-based law firm with a large presence in Louisiana will expand into Texas through an acquisition announced today. Baker, Donelson, Bearman, Caldwell amp; Berkowitz, PC will retain its name as it merges with Houston-based Spain Chambers.
Ranked the 73rd-largest law firm in the country before the merger, the expanded Baker Donelson will include 620 attorneys and advisors working in 17 offices in Louisiana, Mississippi, Alabama, Georgia, Tennessee, Texas and the District of Columbia.
The merger will help to retain and attract new clients, as large companies doing business across mutliple states look to consolidate their legal service providers, said Roy Cheatwood, managing shareholder of Baker Donelson's Louisiana offices.
Many of our clients would ask us if we had a Texas presence, because if so, they would be interested in having us as their law firm there, said Cheatwood. It's no surprise that many New Orleans firms, the firms we consider to be our major competition, have Houston offices.
While the Spain Chambers practice focuses primarily on litigation, energy, construction and the financial sector, Baker Donelson provides legal services to a broader range of industries, including banking, real estate, and health care. The merger will allow Baker Donelson to further expand its offerings, Cheatwood said. |
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Artists sue auction houses over royalties law
Legal Business |
2011/10/20 09:36
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Famed New York painter Chuck Close and other artists are suing Sotheby's, Christie's and eBay, contending the auctioneers willfully violated a California law requiring royalty payments on sales of their works.
The three federal suits filed Tuesday seek class-action status to represent many other artists and demand unspecified royalties and damages — which could total hundreds of thousands of dollars given current art prices.
The suits were filed on behalf of Close — best known for his enormous photorealistic paintings — along with Los Angeles artist Laddie John Dill, and the estate of late sculptor Robert Graham. Graham's works include the ceremonial gate for the Los Angeles Memorial Coliseum that was commissioned for the 1984 Olympics and features nude statues modeled on some of the athletes.
A foundation of late California painter Sam Francis also is named as a plaintiff in the suits against Christie's and eBay Inc. |
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The Law Firm of Levi Korsinsky Notifies Investors
Legal Business |
2011/09/22 11:53
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Levi amp; Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas Dallas Division on behalf of purchasers of Penson Worldwide, Inc. common stock from February 20, 2011 through August 4, 2011.
Prior to and during the Class Period, Penson derived a material part of its revenue and income from interest it received on margin loans to customers for which its customers pledged collateral in return for such loans.
The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding and concealed from investors that, by at least the end of 2010, a) the Company had approximately $96-97 million in receivables (Nonaccrual Receivables) of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; b) the Company's Nonaccrual Receivables were materially overstated and should have been written down at least by the end of 2010; c) as a result, the Company's reported income and EBITDA were materially overstated; and d) the Company's financial statements were not prepared in accordance with generally accepted accounting principles (GAAP).
If you are a member of the class and suffered a loss in Penson stock, you have until October 24, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/penson-worldwide-pnsn.html.
Levi amp; Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi amp; Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com |
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