Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit
against Ocean Power Technologies, Inc.
Oklahoma City, OK (June 19, 2014) – On June 13, 2014, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Ocean Power Technologies, Inc. (NASDAQ: OPTT). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 14, 2014 through June 9, 2014. More specifically, this litigation was filed because: on June 10, 2014, Ocean Power Technologies, Inc. ("OPTT" or the "Company") disclosed that Charles F. Dunleavy was terminated on June 9, 2014 as chief executive officer of OPTT, and that the board of directors had appointed a Special Committee to investigate the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency, as well as related public statements concerning the project. Following this news, the price of Ocean Power Technologies shares dropped approximately 34%, to close on June 10, 2014, at $1.63 per share, on unusually heavy volume.
The Complaint alleges that defendants may have misstated the nature and/or circumstances of the agreement between the Australian Renewable Energy Agency and Victorian Wave Partners Pty Ltd - a project-specific operating entity wholly-owned by Ocean Power’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 during the timer period of January 14, 2014 and June 9, 2014.
Plaintiff seeks to recover damages on behalf of all Ocean Power Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, August 12, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Thu, June 19, 2014
by K. Lynn Nunn filed under