Binkow & Goldberg LLP reminds investors of Ocean
Power Technologies, Inc. (“Ocean Power Technologies” or the
“Company”) (NASDAQ:OPTT) that all purchasers of Ocean Power Technologies
securities between January 14, 2014 and June 9, 2014, inclusive (the
“Class Period”), have until August 12, 2014, to file a motion to be
appointed as lead plaintiff in the shareholder lawsuit.
Ocean Power Technologies engages in the development and
commercialization of proprietary systems that generate electricity by
harnessing the renewable energy of ocean waves, primarily in the United
States, Europe, Asia and Australia. The Complaint alleges that
defendants may have misstated the nature and/or circumstances of an
agreement between the Australian Renewable Energy Agency and Victorian
Wave Partners Pty Ltd − a project-specific operating entity wholly-owned
by the Company's subsidiary − related to a planned wave power station
project off the coast of Australia. As a result, defendants’ statements
concerning the Victorian Wave Partners project, and positive statements
about Ocean Power’s business, operations and prospects, were materially
false and misleading or lacked a reasonable basis.
On June 10, 2014, the Company disclosed that on June 9, 2014, Charles F.
Dunleavy was terminated as the chief executive officer of Ocean Power
Technologies. The Company also disclosed that the board of directors
appointed a Special Committee, composed of outside directors and the
interim chief executive officer, which will retain outside counsel to
assist in an investigation into the agreement between Victorian Wave
Partners and the Australian Renewable Energy Agency, and related public
statements concerning the project. Following this news, the price of
Ocean Power Technologies shares dropped approximately 34%, to close on
June 10, 2014, at $1.63 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move the Court
no later than August 12, 2014, to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class, you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class. If
you wish to learn more about this action or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Casey
Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, by e-mail to [email protected],
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2014