WILMINGTON, Del., June 30, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a federal securities class action lawsuit has been commenced by a shareholder against Ocean Power Technologies, Inc. ("OPTT" or the "Company") (Nasdaq:OPTT) and the former CEO Charles Dunleavy for securities fraud. (A copy of the complaint can be found here)
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On the morning of June 10, 2014, Bloomberg News reported that OPTT terminated its CEO Charles Dunleavy for cause and was immediately removed as chairman from the Company's board of directors. On the same day, the Company also announced that it was planning to conduct an internal investigation concerning public statements made regarding an agreement between the Company and Victorian Wave Partners Pty Ltd, a wholly-owned subsidiary of Ocean Power Technologies (Australia) Pty Ltd. When this news became public, OPTT's stock price fell roughly 34% on above-average volume. On June 18, 2014, the Company announced that David R. Heinz was promoted to Chief Operating Officer.
As a result of the above-mentioned news, a lawsuit has been filed. If you owned shares of OPTT prior to June 10, 2014 and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/optt or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
CONTACT: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
1-800-423-6013
