NEW YORK, July 18, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Ocean Power Technologies, Inc. ("Ocean Power" or the "Company")(NASDAQ: OPTT) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Ocean Power securities between January 14, 2014 and June 9, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Ocean Power securities during the Class Period, you have until August 12, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Ocean Power Technologies, Inc. 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 throughout the Class Period, 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.
On June 10, 2014, the Company announced in a Securities and Exchange Commission (SEC) form 8-K filing that Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power. The Company also disclosed that the board of directors appointed a Special Committee, composed of outside directors and the interim chief executive officer, which will retain outside counsel to assist in an investigation into the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency, and related public statements concerning the project.
On this news, shares of Ocean Power fell $0.84 per share to $1.63, or more than 34%, in intraday trading on June 10, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP