Omnivision Technologies, Inc. is a Chinese company that designs and develops digital imaging products for cell phones and other screens.

According to a press release dated October 27, 2011, the Complaint charges the Company 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. to supply imaging sensors for Apple's celebrated iPhone. The allegations include that the Company 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, the Company 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 the Company 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, the Company'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 a competitor and not the Company had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, the Company'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 February 21, 2012, the Court issued an order consolidating related cases and appointing lead Plaintiff and lead Counsel.

On April 23, 2012, the Plaintiffs filed an amended and consolidated class action Complaint.

On March 29, 2013, the Court issued an order denying Defendants' motion to dismiss.

On December 30, 2014, the parties entered a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on March 4, 2015. Final Judgment was entered and this case dismissed on June 5. On April 12, 2018, the Court issued an Order authorizing distribution of the Settlement funds.