SHAREHOLDER ALERT: Lundy Law Commences An Investigation Into The Proposed Acquisition Of OmniVision Technologies, Inc.
Lundy Law is investigating potential claims against the Board of Directors of OmniVision Technologies, Inc. (“OmniVision” or the “Company”) (NASDAQ: OVTI) for possible breaches of fiduciary duty and other violations of law in connection with the proposed sale of the Company to a consortium composed of Hua Capital Management Co., Ltd. (“Hua Capital Management”), CITIC Capital Holdings Limited (“CITIC Capital”), and GoldStone Investment Co., Ltd. (“GoldStone Investment”) (collectively, the “Consortium”). Under the terms of the agreement, OmniVision stockholders will receive $29.75 per share in cash, or a total of approximately $1.9 billion.
Among other things, the investigation concerns whether the proposed transaction undervalues the Company and whether the Board of Directors of OmniVision is achieving the best possible value for OmniVision shareholders. For example, analysts have recently given their opinion that the Company is worth at least $35 per share. Moreover, OmniVision CEO Shaw Hong is expected to remain with OmniVision in the same capacity following the proposed acquisition. As such, Lundy Law’s investigation also concerns whether OmniVision’s officers and directors are entering into this deal for their own self-interests, at the expense of the Company’s shareholders.
If you own shares of OmniVision common stock and wish to discuss the legal ramifications of the investigation, or have any questions, contact Lundy Law who will, without obligation or cost to you, answer your questions. For more information you may contact David Promisloff, co-counsel to Lundy Law directly at 1-800-LundyLaw, or visit https://www.lundylaw.com/press-releases/OVTI.
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