Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of all purchasers of the securities of Ocean Power
Technologies, Inc. (“Ocean Power Technologies” or the “Company”)
(NASDAQ:OPTT) between January 14, 2014 and June 9, 2014, inclusive (the
“Class Period”).
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 Energy Agency 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.
If you are a member of the Class described above, you have until August
12, 2014, to move the Court 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, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free
at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014