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Monday, 07 November 2011 20:44 |
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011. In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/omnivision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail:
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. For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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Friday, 09 September 2011 07:32 |
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A former attorney has been convicted of embezzling at least $450,000 from the law firm where she worked.
Henrico County Circuit Judge L.A. Harris Jr. on Friday found Kyle C. Leftwich guilty of eight counts of embezzlement in a scheme to divert funds from Marks & Harrison's accounts between 2004 and 2008. She could face up to 160 years in prison when she's sentenced in November.
Evidence showed that Leftwich endorsed Social Security checks made out to her for representing disabled clients. But she deposited the money elsewhere than into the firm's account and rigged firm ledgers to cover her actions.
Leftwich was fired in June 2010 and lost her law license a short time later. She repaid $450,000 to Marks & Harrison as part of a civil settlement.
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Monday, 07 November 2011 20:41 |
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Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis.
On Saturday, Seattle-based Hagens Berman said it was "investigating whether the company used clients' money to offset losses the company had incurred in failed investments."
It filed a lawsuit in the name of investors who bought MF Global shares between May 20 and October 28 or who bought bonds issued in August.
The complaint charged that MF Global "made false and misleading statements to investors, including failing to disclose the company's reported internal control problems in segregating clients' funds."
Attorney Reed Kathrein said Friday's resignation of the company's chief executive Jon Corzine, whose activities in the last weeks of the failing firm have attracted regulator scrutiny, was "not an encouraging sign."
"As we continue our investigation, we hope to uncover whether the company mixed investors' and company money, and if Corzine himself played a part in that decision," he added in a statement.
Boston law firm Block & Leviton said Friday it had also filed a class-action lawsuit in New York federal court on behalf of MF Global clients over the same period.
It charged MF Global made "certain materially false and misleading statements regarding the Company's internal financial controls and liquidity levels" through its "most senior" officers and directors.
Investors lost some $585 million in market capitalization in the week that preceded MF Global's bankruptcy filings alone, according to Block & Leviton.
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Monday, 07 November 2011 20:40 |
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An attorney for Bank of America says 13.2 million customers may be eligible for a settlement in a lawsuit claiming the bank charged excessive overdraft fees.
The final tabulation came Monday as a Miami judge considers whether to finalize a $410 million settlement during a hearing to consider any objections or other issues related to the deal reached in May.
The class-action lawsuit contends the Charlotte, N.C.-based bank processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper.
The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011.
New bank regulations prohibit this type of debit card fee unless customers approve. |
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Supreme Court upholds copyright law
