NEW YORK, June 14, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of purchasers of Ocean Power Technologies, Inc. (Nasdaq:OPTT) securities during the period from January 14, 2014 to June 9, 2014 inclusive, seeking to recover damages for violations of the federal securities laws.
To join the OPTT class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action. The lawsuit is pending in the U.S. District Court for the District of New Jersey.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the suit, beginning January 14, 2014, OPTT and its CEO Charles Dunleavy made materially false and misleading statements about OPTT's relationship with the Australian Renewable Energy Agency ("ARENA"), an agency that had issued an OPTT subsidiary a grant. On June 10, 2014, OPTT shocked the market by announcing that it had fired Dunleavy for cause, and announced that it had created a Special Committee "to conduct an internal investigation into the agreement between Victorian Wave Partners Pty Ltd, a project-specific operating entity wholly-owned by the Company's subsidiary Ocean Power Technologies (Australasia) Pty Ltd, and the Australian Renewable Energy Agency, and related public statements concerning the project." On this news, OPTT's stock price fell by 34%, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 12, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or jhorne@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence M. Rosen, Esq.
Phillip Kim, Esq.
Jonathan Horne, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
