WeissLaw LLP Investigates OmniVision Technologies, Inc. Acquisition
NEW YORK, May 4, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of OmniVision Technologies, Inc. ("OVTI" or the "Company") by a consortium of private equity investors based in China (the "Consortium") is being investigated by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of OVTI for agreeing to sell the Company to the Consortium. On April 30, 2015, the Company announced a definitive agreement for the Consortium to acquire OVTI in a transaction valued at $1.9 billion. Under the terms of the agreement, OVTI shareholders will receive $29.75 in cash for each OVTI share they own.
WeissLaw is investigating whether OVTI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a premium of less 8% over the Company stock's February 27, 2015 trading price of $27.40. Additionally, prior to the announcement, at least one analyst set a target price of $35.00 per OVTI share, or $5.25 above the offer price.
Given these facts, WeissLaw is investigating whether OVTI's Board acted in the best interests of OVTI's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with the Consortium. If you own OVTI shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
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