SAN DIEGO, March 31, 2015 /PRNewswire/ -- The following statement is being issued by Barrack, Rodos & Bacine and Branstetter, Stranch & Jennings, PLLC, regarding the OmniVision Technologies, Inc. Securities Litigation
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION
In re OMNIVISION TECHNOLOGIES, INC. SECURITIES LITIGATION
This Document Relates to: ALL ACTIONS
Case No.: 5:11-cv-05235-RMW
SUMMARY NOTICE OF PENDENCY AND CLASS ACTION SETTLEMENT AND MOTION FOR ATTORNEYS' FEES AND EXPENSES
TO: ALL PERSONS OR ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED SHARES OF OMNIVISION TECHNOLOGIES, INC. PUBLICLY TRADED COMMON STOCK IN THE OPEN MARKET DURING THE PERIOD FROM AUGUST 27, 2010 TO AND THROUGH NOVEMBER 6, 2011, AND WERE DAMAGED THEREBY ("SETTLEMENT CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, San Jose Division, that a settlement between Lead Plaintiffs and OmniVision Technologies, Inc. ("OmniVision"), Shaw Hong, Anson Chan, and Aurelio "Ray" Cisneros (the "Individual Defendants" and collectively, with OmniVision, the "Defendants") in the amount of $12,500,000 has been proposed by the Settling Parties.
A hearing will be held before the Honorable Ronald M. Whyte, United States District Judge, on June 5, 2015 at 9:00 a.m. in Courtroom 6 of the United States Courthouse, 280 South 1st Street, San Jose, California 95113 for the purpose of determining, among other things, (i) whether the proposed Settlement is fair, reasonable, and adequate and should be approved; (ii) whether, thereafter, this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated as of December 30, 2014; (iii) whether the Plan of Allocation of the Net Settlement Fund is fair and reasonable and should be approved; and (iv) the reasonableness of the application of Plaintiffs' Counsel for the payment of attorneys' fees and expenses, with interest, incurred in connection with this Action. The Court has reserved the right to reschedule the hearing without further notice.
If you are a member of the Settlement Class described above, your rights may be affected by this Action and the proposed Settlement thereof. If you have not received the detailed Notice of Pendency and Proposed Class Action Settlement and Motion for Attorneys' Fees and Expenses (the "Notice") and Proof of Claim form, you may obtain them by contacting the Claims Administrator:
OmniVision Technologies, Inc. Securities Litigation
c/o Heffler Claims Group
P.O. Box 150
Philadelphia, PA 19105-0150
Inquiries, other than requests for information about the status of a claim, may also be made to Co-Lead Counsel:
If you are a member of the Settlement Class and wish to share in the Settlement proceeds, you must submit a Proof of Claim postmarked or received no later than August 30, 2015 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Settlement Class, in accordance with the procedures set forth in the Notice, no later than May 15, 2015. Any objections to the Settlement, Plan of Allocation, or Plaintiffs' Counsel's request for attorneys' fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, such that they are received no later than May 15, 2015.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE ABOUT THIS NOTICE.
DATED: MARCH 4, 2015
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA, SAN JOSE DIVISION
SOURCE Barrack, Rodos & Bacine and Branstetter, Stranch & Jennings, PLLC