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Labaton Sucharow LLP Files a Class Action Lawsuit
Legal Marketing | 2011/10/31 08:37
Labaton Sucharow LLP filed a class action lawsuit on October 26, 2011 in the U.S. District Court for the Northern District of California. The lawsuit was filed on behalf of purchasers of OmniVision Technologies, Inc. common stock between August 27, 2010 and October 13, 2011, inclusive (the Class Period).

The action charges OmniVision 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. (Apple) to supply imaging sensors for Apple's celebrated iPhone.

OmniVision is a designer and manufacturer of image sensors that are used in digital cameras to convert optical images into electronic signals. OmniVision is one of the leading suppliers of complementary metal-oxide-semiconductors (CMOS) sensors used in mobile telephones. The Complaint alleges that OmniVision 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, OmniVision 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 OmniVision 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, OmniVision'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 Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision'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 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 Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision'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.

If you are a member of this Class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for more than 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.


Chavez orders more land taken from British firm
Topics in Legal News | 2011/10/30 08:38
Venezuela's president on Sunday ordered the expropriation of 716,590 acres belonging to a British-owned company amid a disagreement over compensation for earlier takeovers of ranchland from the firm.

President Hugo Chavez announced the latest seizure after saying that Venezuela refuses to pay compensation in foreign currency to Agropecuaria Flora, a local subsidiary of the British company Vestey Group.

Chavez said the government had received a demand from the company that it be paid in dollars for the previous seizure of tens of thousands of acres. But the government insists in paying in bolivars, Venezuela's currency.

It's difficult for foreign companies operating in Venezuela to repatriate profits and other income in bolivars due to foreign currency controls in the South American country.

Representatives of Agropecuaria Flora did not answer telephone calls seeking comment Sunday.

Venezuela's expropriation of farm and ranch lands began in earnest in 2005, with the government employing a 2001 law allowing it to seize lands deemed idle or not adequately used.


Alabama immigration fight recalls civil rights era
Court Line News | 2011/10/30 08:38
The epicenter of the fight over the patchwork of immigration laws in the United States is not Arizona, which shares a border with Mexico and became a common site for boycotts. Nor was it any of the four states that were next to pass their own crackdowns.

No, the case that's likely to be the first sorted out by the U.S. Supreme Court comes from the Deep South state of Alabama, where the nation's strictest immigration law has resurrected ugly images from the state's days as the nation's battleground for civil rights a half-century ago.

And Alabama's jump to the forefront says as much about the country's evolving demographics as it does the nation's collective memory of the state's sometimes violent path to desegregation.

With the failure of Congress in recent years to pass comprehensive federal immigration legislation, Arizona, Georgia, Utah, South Carolina and Indiana have passed their own. But supporters and opponents alike agree none contained provisions as strict as those passed in Alabama, among them one that required schools to check students' immigration status. That provision, which has been temporarily blocked, would allow the Supreme Court to reconsider a decision that said a kindergarten to high school education must be provided to illegal immigrants.


Court sidesteps Connecticut student speech case
Court Line News | 2011/10/28 08:39
The Supreme Court is refusing to disturb a court ruling that Connecticut school officials acted reasonably in disciplining a student for an Internet posting she wrote outside of school.

The justices on Monday turned down an appeal from Avery Doninger, who was a high school junior in Burlington, Conn., when she took to the Internet to criticize administrators for canceling a popular school activity.

Doninger sued school officials after they punished her by preventing her from serving as class secretary as a senior.

The 2nd U.S. Circuit Court of Appeals in New York sided with the school officials.


GOP candidates would cut federal judges' power
Topics in Legal News | 2011/10/25 10:46
Most of the Republican presidential candidates want to wipe away lifetime tenure for federal judges, cut the budgets of courts that displease them or allow Congress to override Supreme Court rulings on constitutional issues.

Any one of those proposals would significantly undercut the independence and authority of federal judges. Many of the ideas have been advanced before in campaigns to court conservative voters.

This time, though, six of the eight GOP candidates are backing some or all of those limits on judges, even though judges appointed by Republican presidents hold a majority on the Supreme Court and throughout the federal system.

A group that works for judicial independence says the proposals would make judges accountable to politicians, not the Constitution.

Bert Brandenburg, executive director of the Justice at Stake Campaign, said, Debates like these could threaten to lead to a new cycle of attempts to politicize the courts.

Only the former governors in the race, Mitt Romney of Massachusetts and Jon Huntsman of Utah, have not attacked federal judges in their campaigns.

Former House Speaker Newt Gingrich has been the most outspoken critic of the courts. He would summon judges before Congress to explain their decisions and consider impeaching judges over their rulings.


US appeals court upholds roadless rule in forests
Lawyer Media News | 2011/10/24 10:46
A federal appeals court on Friday upheld a rule prohibiting roads on nearly 50 million acres of land in national forests across the United States, a ruling hailed by environmentalists as one of the most significant in decades.

Mining and energy companies, however, say it could limit development of natural resources such as coal, oil and natural gas.

The 10th U.S. Circuit Court of Appeals backed the 2001 Roadless Area Conservation Rule after lawyers for the state of Wyoming and the Colorado Mining Association contended it was a violation of the law.

Supporters of the roadless rule say the court's decision preserves areas where outdoor enthusiasts like to hunt, fish, hike and camp. It also protects water quality and wildlife habitat for grizzly bears, lynx and Pacific salmon, supporters say.

Without the roadless rule, protection of these national forests would be left to a patchwork management system that in the past resulted in millions of acres lost to logging, drilling and other industrial development, said Jane Danowitz, director of the Pew Environment Group's U.S. public lands program.


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