Kirby McInerney LLP announced today that a class action lawsuit is
pending in the United States District Court for the District of New
Jersey on behalf of investors who acquired Ocean Power Technologies,
Inc. (“Ocean Power” or the “Company”) (NASDAQ-GM: OPTT) securities from
January 14, 2014 through June 9, 2014. Pursuant to applicable law,
investors have until August 12, 2014 to file a motion to be appointed as
lead plaintiff in the investor lawsuit.
The lawsuit alleges that the Company had an agreement with the
Australian Renewable Energy Agency to partially fund the Company’s
development of an ocean wave-based power station off the coast of
Portland, Victoria, Australia. During the Class Period, the Company made
several public statements about that agreement, which caused Ocean
Power’s stock to trade at artificially inflated prices. However, on June
10, 2014, the Company announced that Charles F. Dunleavy was terminated
as the chief executive officer of Ocean Power. Further, the Company
disclosed that the board of directors appointed a Special Committee to
investigate the Australian Project and related public statements
concerning that project.
In response to this news, the price of Ocean Power stock declined from
$2.47 on June 9, 2014 to $1.63 on June 10, 2014, a 34% loss in value.
If you acquired Ocean Power securities during this period and you are
interested in learning more about this matter and any rights you might
have with respect to these claims, contact Wilona Karnadi or Jess Kelley
at securitiescases@kmllp.com,
by telephone at (212) 371-6600, or by filling
out this form. Please bear in mind that some of these rights may be
time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. The firm has specialized in complex litigation, including
securities class actions, for several decades. Kirby McInerney LLP has
repeatedly demonstrated its expertise in this field, and has been
recognized by various courts that have appointed the firm to major
positions in consolidated and multi-district litigation. The firm’s
efforts on behalf of shareholders in securities litigation have resulted
in recoveries totaling billions of dollars, and the firm’s achievements
and quality of service have been chronicled in numerous published
decisions. Additional information about the firm or the claims against
Ocean Power can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
Copyright Business Wire 2014