Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-cand-5_11-cv-05235/USCOURTS-cand-5_11-cv-05235-8/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:78m(a) Securities Exchange Act

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[] Preliminary Approval Order 

Case No.: 5:11-cv-05235-RMW 

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BARRACK, RODOS & BACINE 

STEPHEN R. BASSER (121590) 

sbasser@barrack.com 

SAMUEL M. WARD (216562) 

sward@barrack.com 

600 West Broadway, Suite 900 

San Diego, CA 92101 

Telephone: (619) 230-0800 

Facsimile: (619) 230-1874 

BRANSTETTER, STRANCH 

 & JENNINGS, PLLC 

J. GERARD STRANCH, IV 

gstranch@branstetterlaw.com 

JAMES G. STRANCH, III 

jstranch@branstetterlaw.com 

227 Second Avenue North, Fourth Floor 

Nashville, TN 37201-1631 

Telephone: (615) 254-8801 

Facsimile: (615) 250-3937 

Co-Lead Counsel for Lead Plaintiffs Oakland County Employees’ Retirement System, 

Laborers’ District Council and Contractors’ Pension Fund of Ohio, and Woburn Retirement 

System and the Proposed Class

[Additional counsel appear on signature page] 

UNITED STATES DISTRICT COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN JOSE DIVISION 

In re OMNIVISION TECHNOLOGIES, 

INC. SECURITIES LITIGATION

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Case No.: 5:11-cv-05235-RMW

[] ORDER GRANTING 

PRELIMINARY APPROVAL OF 

CLASS ACTION SETTLEMENT AND 

DIRECTING NOTICE TO THE 

SETTLEMENT CLASS

This Document Relates to:

ALL ACTIONS.

*E-FILED - 3/4/15*

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WHEREAS, on December 30, 2014, (a) Laborers' District Council and Contractors’

Pension Fund of Ohio, Oakland County Employees' Retirement System and Woburn Retirement 

System (collectively the "Institutional Investors Group" or "Lead Plaintiffs"), on behalf of 

themselves and the proposed Settlement Class; (b) OmniVision Technologies, Inc. 

(“OmniVision” or the “Company”); and (c) Shaw Hong, Anson Chan and Aurelio "Ray" 

Cisneros (the “Individual Defendants” and, collectively with the Company, the “Defendants”), 

by and through their respective duly authorized counsel, entered into a Stipulation and 

Agreement of Settlement (the “Settlement Agreement”) in the above-captioned litigation (the 

“Action”), which is subject to review under Rule 23 of the Federal Rules of Civil Procedure and 

which, together with the exhibits thereto, sets forth the terms and conditions of the proposed 

settlement of the claims alleged in the Lead Plaintiffs Consolidated Class Action Complaint 

filed in this Action on April 23, 2012 (“Complaint”) against the Defendants on the merits and 

with prejudice (the “Settlement”); 

WHEREAS, all capitalized terms used in this Order that are not otherwise defined 

herein have the meanings defined in the Settlement Agreement; 

WHEREAS, the Court has read and considered the Settlement Agreement to determine, 

among other things, whether the Settlement is sufficiently fair, reasonable, and adequate to 

warrant the issuance of notice of the proposed Settlement to the members of the Settlement 

Class; and 

WHEREAS, the Settling Parties to the Settlement Agreement have consented to the 

entry of this Order; 

NOW, THEREFORE, the Court declares that it is hereby ORDERED, ADJUDGED

AND DECREED as follows: 

1. Jurisdiction. The Court has jurisdiction over the subject matter of this Action 

and over the Settling Parties. 

2. Settlement Class. The Court hereby certifies the following class for the purposes 

of settlement only (the “Settlement Class”), pursuant to Rule 23(a) and Rule 23(b)(3) of the 

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Federal Rules of Civil Procedure: all persons and entities that, during the period from August 

27, 2010 to and through November 6, 2011, inclusive (the “Class Period”), purchased or 

otherwise acquired shares of OmniVision’s publicly traded common stock in the open market, 

and were damaged thereby. Excluded from the Class are Defendants, members of the 

immediate families of the Individual Defendants, any entity in which any Defendant has or had 

a controlling interest, current or former directors and officers of OmniVision, and the legal 

representatives, heirs, successors, or assigns of any such excluded person or entity. Also 

excluded from the Settlement Class are those persons and entities who submit valid and timely 

requests for exclusion from the Settlement Class in accordance with the requirements set forth 

in the Notice. 

3. The Court finds and concludes that the prerequisites of class action certification 

under Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedure have been satisfied for 

the Settlement Class defined herein, in that: 

(a) the members of the Settlement Class are so numerous that joinder of all 

Settlement Class Members is impracticable; 

(b) there are questions of law and fact common to Settlement Class 

Members; 

(c) Lead Plaintiffs’ claims are typical of the Settlement Class’s claims; 

(d) Lead Plaintiffs and their counsel have fairly and adequately represented 

and protected the interests of the Settlement Class; 

(e) the questions of law and fact common to the Settlement Class Members 

predominate over any individual questions; and 

(f) a class action is superior to other available methods for the fair and 

efficient adjudication of the controversy, considering that the claims of Settlement Class 

Members in the Action are substantially similar and would, if tried, involve substantially 

identical proofs and may therefore be efficiently litigated and resolved on an aggregate basis as 

a class action; the amounts of the claims of many of the Settlement Class Members are too 

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small to justify the expense of individual actions; and it does not appear that there is any intent 

among Settlement Class Members in individually controlling the litigation of their claims. 

4. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for the purposes 

of the Settlement only, Lead Plaintiffs Laborers' District Council and Contractors’ Pension Fund 

of Ohio, Oakland County Employees' Retirement System and Woburn Retirement System 

(collectively the "Institutional Investors Group" or "Lead Plaintiffs") are certified as Class 

Representatives for the Settlement Class. 

5. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for the purposes 

of the Settlement only, the law firms of Barrack, Rodos & Bacine and Branstetter, Stranch & 

Jennings PLLC are appointed Class Counsel for the Settlement Class. 

6. Any Settlement Class Member may enter an appearance in this Action, at his, 

her, or its own expense, individually or through counsel of his, her, or its own choice. If any 

Settlement Class Member does not enter an appearance, he, she or it will be represented by CoLead Counsel. 

7. Preliminary Findings Concerning Proposed Settlement. The Court preliminarily 

finds that the proposed Settlement should be approved as: (i) the result of serious, extensive 

arm’s-length and non-collusive negotiations; (ii) falling within a range of reasonableness 

warranting final approval; (iii) having no obvious deficiencies; (iv) not improperly granting 

preferential treatment to the Lead Plaintiffs or segments of the Settlement Class; and (v) 

warranting notice of the proposed Settlement to Settlement Class Members and further 

consideration of the Settlement at the fairness hearing described below. 

8. Settlement Hearing. A hearing (the “Settlement Hearing”) will be held on June 

5, 2015 at 9:00 a.m. before the Honorable Ronald M. Whyte in Courtroom 6 of the United 

States District Court for the Northern District of California, San Jose Division, 280 South 1st 

Street, San Jose, CA 95113, to determine, among other things: 

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(a) whether the proposed Settlement of the Action on the terms and 

conditions provided in the Settlement Agreement is fair, reasonable, and adequate and should be 

approved by the Court; 

(b) whether a Final Judgment and Order of Dismissal with Prejudice 

substantially in the form of Exhibit B to the Settlement Agreement should be entered, 

dismissing the Action in its entirety and with prejudice; whether the covenants by the 

Settlement Class and the release by the Settlement Class of the Released Claims, as set forth in 

the Settlement Agreement, should be provided to the Released Defendant Parties; and whether 

the Settlement Class should be forever barred and enjoined from commencing, instituting, 

prosecuting or maintaining any of the Released Claims against the Released Defendant Parties; 

(c) whether the proposed Plan of Allocation of the Net Settlement Fund is 

fair and reasonable and should be approved by the Court; 

(d) whether the Settlement Class should be finally certified for the purposes 

of the Settlement only; whether Lead Plaintiffs should be finally certified as Class 

Representatives for the Settlement Class; and whether the law firms of Barrack, Rodos & 

Bacine and Branstetter, Stranch & Jennings, PLLC should be finally appointed Class Counsel 

for the Settlement Class; 

(e) whether Plaintiffs’ Counsel’s application for a Fee and Expense Award 

should be granted; and 

(f) such other matters as may properly be before the Court in connection 

with the Settlement. 

9. The Court reserves the right to approve the Settlement with or without 

modification and with or without further notice to the Settlement Class of any kind. The Court 

further reserves the right to enter the Judgment approving the Settlement regardless of whether 

it has approved the Plan of Allocation or awarded attorneys’ fees and/or expenses. The Court 

may also adjourn the Settlement Hearing or modify any of the dates herein without further 

notice to members of the Settlement Class. 

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10. Notice. The Court approves the form, substance, and requirements of the Notice 

and Summary Notice (together, the “Notices”) and the Proof of Claim form annexed hereto as 

Exhibits 1-3 and finds that the procedures established for publication, mailing, and distribution 

of the Notices and Proof of Claim form substantially in the manner and form set forth in 

paragraphs 11-17 of this Order: (a) constitute the best notice to Settlement Class Members 

practicable under the circumstances; (b) are reasonably calculated, under the circumstances, to 

describe the terms and effect of the Settlement Agreement and of the Settlement and to apprise 

Settlement Class Members of their right to object to the proposed Settlement or to exclude 

themselves from the Settlement Class; (c) are reasonable and constitute due, adequate, and 

sufficient notice to all persons entitled to receive such notice; and (d) satisfy all applicable 

requirements of the Federal Rules of Civil Procedure (including Rules 23(c) and (d)), the United 

States Constitution (including the Due Process Clause), Section 21D(a)(7) of the Securities 

Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(7), as amended by the Private Securities Litigation 

Reform Act of 1995 (“PSLRA”), the Rules of this Court, and any other applicable law.

11. Retention of Claims Administrator and Manner of Notice. The Court approves 

the retention of Heffler Claims Group as the Claims Administrator to supervise and administer 

the notice procedure and the processing of claims under the supervision of Lead Counsel as 

more fully set forth below: 

a. Not later than ten (10) business days after entry of this Order by this 

Court (the “Notice Date”), the Claims Administrator shall cause the Notice, substantially in the 

form attached hereto as Exhibit 1, along with a Proof of Claim form, substantially in the form 

attached hereto as Exhibit 2, to be sent to each Settlement Class Member who can be identified 

by reasonable effort. Such notice shall be sent by first-class mail, postage prepaid, to the 

Settlement Class Members’ last known address. Not later than five (5) business days after entry 

of this Order, OmniVision shall provide to Lead Counsel, or the Claims Administrator, at no 

cost, a list in electronic searchable form of the names and addresses of the Persons who 

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purchased OmniVision common stock during the Class Period, as identified in the records 

maintained by OmniVision’s transfer agent. 

b. Not later than fourteen (14) calendar days after the Notice Date, the 

Claims Administrator shall cause the Summary Notice, substantially in the form attached hereto 

as Exhibit 3, to be published in the Investors' Business Daily and disseminated over PR 

Newswire, a national business-oriented wire service. The Summary Notice need not be 

published in each of these media on the same day. 

c. Not later than thirty-five (35) calendar days before the Settlement 

Hearing, Lead Counsel shall file with the Court one or more affidavits or declarations showing 

timely compliance with the foregoing mailing and publication requirements. 

12. Nominee Purchasers. Banks, brokerage firms, institutions, and other Persons 

who are nominees that purchased OmniVision common stock for the beneficial interest of other 

Persons during the Class Period (“Nominee Purchasers”) shall, within seven (7) calendar days 

of receiving the Notice: (a) provide to the Claims Administrator the name and last-known 

address of each such beneficial owner; or (b) request additional copies of the Notice and Proof 

of Claim form and, within seven (7) calendar days of receipt, mail the Notice and Proof of 

Claim form directly to such beneficial owners. Nominee Purchasers following procedure (b) 

shall promptly send a statement to the Claims Administrator confirming that the mailing was 

made as directed, and maintain mailing records for future use in the Action. The Claims 

Administrator shall, if requested, and upon receipt of appropriate supporting documentation, 

reimburse Nominee Purchasers out of the Settlement Fund solely for Nominee Purchasers’ 

reasonable out-of pocket expenses incurred in sending the Notice and Proof of Claim form to 

the beneficial owners who are potential Settlement Class Members, which expenses would not 

have been incurred except for the sending of such notice, subject to further Order of this Court 

with respect to any dispute concerning such reimbursement. 

13. Submission of Proof of Claim Forms. In order to be eligible to receive a 

distribution from the Net Settlement Fund, in the event the Settlement is effected in accordance 

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with the terms and conditions set forth in the Settlement Agreement, each Settlement Class 

Member shall take the following actions and be subject to the following conditions: 

a. Any Settlement Class Member who wishes to participate in the 

distributions of the Net Settlement Fund must sign and return a completed Proof of Claim form 

in accordance with the instructions contained therein and in the Notice. All Proofs of Claim 

must be submitted by first-class mail, postmarked no later than 120 calendar days after the 

Notice Date. Such deadline may be further extended by Court Order or by Co-Lead Counsel in 

their discretion. If a Settlement Class Member chooses to return his, her, or its Proof of Claim 

in a manner other than by first-class mail (including electronic submission), then the Proof of 

Claim must be actually received by the Claims Administrator no later than 120 calendar days 

after the Notice Date, or such other date as may be set by the Court or allowed by Co-Lead 

Counsel. Unless otherwise ordered by the Court, any Settlement Class Member who does not 

sign and return a valid Proof of Claim within the time provided shall be barred from sharing in 

the distribution of the Net Settlement Fund, but shall nonetheless be bound by the Settlement 

Agreement, the Judgment and the releases therein. 

b. The Proof of Claim submitted by each Settlement Class Member must 

satisfy the following conditions, unless otherwise ordered by the Court: (i) it must be properly 

completed, signed and submitted in a timely manner in accordance with the provisions of the 

preceding subparagraph; (ii) it must be accompanied by adequate supporting documentation for 

the transactions reported therein, in the form of broker-confirmation slips, broker-account 

statements, an authorized statement from the broker containing the transactional information 

found in a broker confirmation slip, or such other documentation as is deemed adequate by Lead 

Counsel; (iii) if the person executing the Proof of Claim is acting in a representative capacity, a 

certification of her current authority to act on behalf of the Settlement Class Member must be 

included in the Proof of Claim; and (iv) the Proof of Claim must be complete and contain no 

material deletions or modifications of any of the printed matter contained therein and must be 

signed under penalty of perjury. 

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c. As part of the Proof of Claim, each Settlement Class Member shall 

submit to the jurisdiction of the Court with respect to the claim submitted. 

14. Exclusions from the Settlement Class. Any Settlement Class Member who does 

not timely submit a valid written request for exclusion from the Settlement Class in accordance 

with the instructions in the Notice and herein is a Settlement Class Member and shall be bound 

by all of the terms and conditions of the Settlement Agreement, and by all proceedings, rulings, 

orders, and judgments in this Action regardless of whether such Settlement Class Member 

submits a Proof of Claim form. Requests for exclusion shall be made in writing and shall 

clearly state the name, mailing address, daytime telephone number, and e-mail address of the 

Person seeking exclusion; shall state the number of shares of OmniVision publicly traded 

common stock owned as of the beginning of trading on August 27, 2010 (the first day of the 

Class Period); shall list the date(s), price(s), and number(s) of shares of all purchases, 

acquisitions and sales of OmniVision publicly traded common stock during the Class Period; 

provide documentation of such trading; and state clearly that the Person “wishes to be excluded 

from the Settlement Class in In re OmniVision Technologies, Inc., Securities Litigation, Case 

No.: 5-11-cv-05235-RMW (N.D. Cal.)” Requests for exclusion must be submitted by first-class 

mail or delivered so that they are received no later than twenty-one (21) days before the 

Settlement Hearing. A request for exclusion shall not be effective unless it provides the 

required information set forth herein and in the Notice and is made within the time stated 

herein, or the request for exclusion is otherwise accepted by the Court. Any Settlement Class 

Member who is excluded from the Settlement Class shall not be entitled to participate in any 

distributions from the Net Settlement Fund. 

15. Objections to Settlement. Any member of the Settlement Class may object to the 

proposed Settlement in writing. Written objections must include the Settlement Class member’s 

name, address, telephone number, e-mail address, and signature; identify the date(s), price(s), 

and number(s) of shares of all purchases, acquisitions, and sales of OmniVision publicly traded 

common stock during the Class Period; identify the number of shares of OmniVision publicly 

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traded common stock owned as of the beginning of trading on August 27, 2010; and state the 

reasons for the objection. Objections must include documentation, such as brokerage 

statements, showing reported trading in OmniVision publicly traded common stock. All written 

objections and supporting papers must (a) clearly identify the case name and number ( In re 

OmniVision Technologies, Inc. Securities Litigation, Case Number 5:11-cv-05235-RMW), (b) 

be submitted to the Court either by mailing them to the Class Action Clerk, United States 

District Court for the Northern District of California, San Jose Division, United States 

Courthouse, 208 South 1st Street, Second Floor, San Jose, CA 95113, or by filing them in 

person at any location of the United States District Court for the Northern District of California, 

and (c) be filed or received no later than twenty-one (21) days before the Settlement Hearing. 

Any Settlement Class Member who does not object in the manner described herein will be 

deemed to have waived any objection and shall be forever foreclosed from making any 

objection to the proposed Settlement and the Fee and Expense Application. Any untimely 

objection shall be barred. Any submissions by the Settling Parties in opposition or response to 

objections shall be filed with the Court no later than seven (7) days before the Settlement 

Hearing. 

16. Appearance at Settlement Hearing. Any objector who files and serves a timely, 

written objection in accordance with the instructions above and in the Notice, may also appear 

at the Settlement Hearing either in person or through counsel retained at the objector’s expense. 

Objectors or their attorneys intending to appear at the Settlement Hearing must file a notice of 

intention to appear with the Court no later than twenty-one (21) days before the Settlement 

Hearing. Any objector who does not timely file a notice of intention to appear in accordance 

with this paragraph and the Notice shall not be permitted to appear at the Settlement Hearing, 

except for good cause shown. 

17. Service of Papers. Counsel for the Defendants and Lead Counsel shall promptly 

furnish all Settling Parties with copies of any and all objections and notices of intention to 

appear that come into their possession. All papers in support of the Settlement, Plan of 

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Allocation, and Plaintiffs’ Counsel’s request for an award of attorneys’ fees and expenses shall 

be filed with the Court and served on or before thirty-five (35) calendar days prior to the date 

set herein for the Settlement Hearing. If reply papers are necessary, they are to be filed with the 

Court and served no later than seven (7) calendar days prior to the Settlement Hearing. 

18. Notice and Administration Expenses and Escrow Matters. As provided in the 

Settlement Agreement, prior to the Effective Date, Lead Counsel may pay the Claims 

Administrator a portion of the reasonable fees and costs associated with giving notice to the 

Settlement Class and the review of claims and administration of the Settlement out of the 

Settlement Fund without further approval from the Defendants and without further order of the 

Court. 

19. Passage of Title and Ownership of Settlement Fund. The passage of title and 

ownership of the Settlement Fund to the Escrow Agent in accordance with the terms and 

obligations of the Settlement Agreement is approved. No person who is not a Settlement Class 

Member or Plaintiffs’ Counsel shall have any right to any portion of, or to any distribution of, 

the Net Settlement Fund unless otherwise ordered by the Court or otherwise provided in the 

Settlement Agreement. All funds held in escrow shall be deemed and considered to be in 

custodia legis of the Court, and shall remain subject to the jurisdiction of the Court until such 

time as such funds shall be disbursed pursuant to the Settlement Agreement and/or further order 

of the Court. 

20. Bar on Litigating Released Claims. Pending final determination of whether the 

Settlement should be approved, Lead Plaintiffs and all other Settlement Class Members, and 

anyone who acts or purports to act on their behalf, shall not institute, prosecute, participate in, 

or assist in the institution, prosecution, or assertion of any Released Claim against any of the 

Released Defendant Parties. 

21. Termination of Settlement. If the Settlement fails to become effective as defined 

in the Settlement Agreement or is terminated pursuant to the Settlement Agreement, then, in any 

such event, the Settlement Agreement, including any amendment(s) thereof, except as expressly 

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provided in the Settlement Agreement and this Preliminary Approval Order, shall be null and 

void, of no further force or effect, and without prejudice to any Settling Party, and may not be 

introduced as evidence or used in any actions or proceedings by any person or entity against the 

Settling Parties, and the Settling Parties shall be deemed to have reverted to their respective 

litigation positions in the Action immediately prior to their acceptance of the mediator’s final 

settlement recommendation. 

22. Use of Order. This Order shall not be construed or used as an admission, 

concession, or presumption by or against any of the Released Defendant Parties of any fault, 

wrongdoing, breach, or liability or as a waiver by any Settling Party of any arguments, defenses, 

or claims he, she, or it may have in the event that the Settlement Agreement is terminated, nor 

shall it be used in any manner prohibited by paragraph 8.5 of the Settlement Agreement. In the 

event this Order becomes of no force or effect, it shall not be construed or used as an admission, 

concession, or presumption by or against the Released Defendant Parties, the Released Plaintiff 

Parties, or the Settlement Class. 

23. Stay. All proceedings in this Action are stayed until further Order of the Court, 

except as may be necessary to implement the Settlement or comply with the terms of the 

Settlement Agreement and this Order. This Court retains exclusive jurisdiction over the Action 

to consider all further matters arising out of or connected with the Settlement. 

24. Jurisdiction. The Court retains exclusive jurisdiction over the Action to consider 

all further matters arising out of or connected with the Settlement. 

SO ORDERED this _______ day of ______________________, 2015. 

______________________________ 

RONALD M. WHYTE 

UNITED STATES DISTRICT JUDGE 

3 March

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