Suit Claims OmniVision Execs Fudged IPhone Supply Status

Law360, New York (May 11, 2012, 8:22 PM EDT) -- An OmniVision Technologies Inc. executive launched a derivative suit in Delaware court Thursday alleging the company's top brass misled shareholders about its status as a supplier for Apple Inc.'s iPhone, boosting share prices while the executives profited by selling personal shares.

Filed in Delaware Chancery Court, the suit accuses OmniVision's directors and chief financial officer of breaching their fiduciary duties by making public and private statements masking the company's failure to secure a position as supplier of image sensors for the iPhone. The suit also asserts...
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