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TMCNet:  INVESTOR ALERT: Class Action Lawsuit Against Ocean Power Technologies, Inc. Filed by Glancy Binkow & Goldberg LLP

[June 13, 2014]

INVESTOR ALERT: Class Action Lawsuit Against Ocean Power Technologies, Inc. Filed by Glancy Binkow & Goldberg LLP

LOS ANGELES --(Business Wire)--

Glancy Binkow & Goldberg LLP, representing investors of Ocean Power Technologies, Inc. ("Ocean Power Technologies" or the "Company") (NASDAQ:OPTT), has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of a class (the "Class") comprising all purchasers of Ocean Power Technologies securities between January 14, 2014 and June 9, 2014, inclusive (the "Class Period").

Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224 or at (212) 682-5340, or by email to shareholders@glancylaw.com to discuss this matter.

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 EnergyAgency 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 60 days from the date of this Notice to serve as lead plaintiff, if you 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, 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.


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