The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the District of New Jersey on
behalf of purchasers of Ocean Power Technologies, Inc. (“Ocean Power” or
the “Company”) (NasdaqGM: OPTT) securities during the period between
January 14, 2014 and June 9, 2014, inclusive (the “Class Period”), and
informs investors who wish to become proactively involved in the
litigation that they have until August 12, 2014 to seek appointment as
lead plaintiff.
If you have suffered a loss from investment in Ocean Power securities
purchased on or after January 14, 2014 and held through the revelation
of negative information during and/or at the end of the Class Period, as
described below, and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen by
the lead plaintiff. If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff no later than
August 12, 2014 and be selected by the Court. The lead plaintiff will
direct the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to accept
for the Class in the action. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in Company
units during the Class Period.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period the true nature and/or circumstances of an
agreement between the Australian Renewable Energy Agency and Victorian
Wave Partners Pty Ltd, a Company subsidiary, related to a planned wave
power station project off the coast of Australia. According to the
complaint, following the Company’s June 10, 2014 announcement that on
June 9, 2014, Charles F. Dunleavy was terminated as the chief executive
officer of Ocean Power and that the Company’s board of directors
appointed a Special Committee, composed of outside directors and the
interim chief executive officer, to conduct an investigation, with the
assistance of outside counsel, into the agreement between Victorian Wave
Partners and the Australian Renewable Energy Agency, the value of Ocean
Power’s shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
Copyright Business Wire 2014