NEW YORK, NY--(Marketwired - Jun 17, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ocean Power Technologies, Inc. ("Ocean Power" or the "Company") (NASDAQ: OPTT) of the August 12, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Ocean Power and certain executives.
A complaint has been filed in the District of New Jersey on behalf of all persons who purchased Ocean Power securities between January 14, 2014 and June 9, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that the nature and/or circumstances of an agreement between the Australian Renewable Energy Agency ("AREA") and Victorian Wave Partners Pty Ltd ("VWPPL") -- a project-specific operating entity wholly-owned by Ocean Power's subsidiary -- concerning a project involving a planned wave power station located off the coast of Australia may have been misstated by defendants.
On June 10, 2014, the Company issued a Form 8-K announcing that on June 9, 2014, Charles F. Dunleavy was terminated from his position as the Chief Executive Officer. Ocean Power also disclosed that a Special Committee, composed of outside directors and assisted by outside counsel, will conduct an investigation into the agreement between VWPPL and AREA and related public statements concerning the project.
Following this news, the price of Ocean Power shares declined by $0.84 per share, or over 34%, to close on June 10, 2014 at $1.63 per share.
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Take Action
If you invested in Ocean Power stock or options between January 14, 2014 and June 9, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/OPTT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ocean Power's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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