|[June 13, 2014]
INVESTOR ALERT: Class Action Lawsuit Against Ocean Power Technologies, Inc. Filed by Glancy Binkow & Goldberg LLP
LOS ANGELES --(Business Wire)--
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 email@example.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 firstname.lastname@example.org,
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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