The Rosen Law Firm, P.A. announces that it is investigating potential
securities fraud claims against Ocean Power Technologies, Inc.
(NASDAQ:OPTT) resulting from allegations that the Company may have made
false and misleading disclosures concerning its subsidiary Victoria Wave
Partners Pty Ltd. (“VWP”).
In 2009, VWP was founded to develop a wave generator project off the
coast of Victoria, Australia. In 2012, OPTT acquired a 100% interest in
VWP. Since then, OPTT has repeatedly touted VWP’s prospects to
investors. In particular, OPTT touted a purported agreement with the
Australian Renewable Energy Agency to provide an A$66.5 million grant to
develop the wave generator and milestone payments established through
this grant.
On June 10, 2014, OPTT announced that it had fired Charles Dunleavy, its
CEO, for cause. OPTT also announced that it would conduct an internal
investigation “into the agreement between [VWP], 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, the price of OPTT shares fell $0.84, or about 34%, damaging
investors.
The Rosen Law Firm is preparing a class action lawsuit on behalf of OPTT
investors. If you purchased OPTT securities prior to June 10, 2014, you
may visit the website at http://rosenlegal.com
to join the action. You may also 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.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2014