Omnivision to Settle With Class Lawsuit

Courthouse News Service: A federal judge preliminary approved a $12.5M class settlement that claims that OmniVision misled shareholders into believing it had an exclusive contract related to the Apple iPhone 4. Shareholders claimed that the company CFO Anson Chan made false and misleading statements about the technological advantages of its image sensor versus its competitors', and its competitive position with customers such as Apple. These misrepresentations deceived the market into believing that OmniVision was maintaining its exclusive position as the supplier of image sensors for iPhone 4, causing Omnivision's stock to be artificially inflated, according to the lawsuit.