NEW YORK, June 18, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Ocean Power Technologies, Inc. ("Ocean Power Technologies" or the "Company") (Nasdaq:OPTT) in the United States District Court for the District of New Jersey on behalf of all purchasers of Ocean Power Technologies securities 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 of an agreement between the Australian Renewable Energy Agency and Victorian Wave Partners Pty Ltd. 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 disclosed that on the previous day, Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power Technologies. 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. 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.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Ocean Power Technologies, who suffered a loss on shares purchased during the class period, you may, no later than August 12, 2014, request that the Court appoint you as lead plaintiff of the class. If you would like additional information concerning your rights in this matter, please contact us immediately:
|Patrick Donovan, Esq.|
|Gregory Stone, Director of Case and Financial Analysis|
|Wolf Haldenstein Adler Freeman & Herz LLP|
|270 Madison Avenue|
|New York, New York 10016|
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Source:Wolf Haldenstein Adler Freeman & Herz LLP