Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of investors of Ocean Power Technologies,
Inc. ("Ocean Power Technologies" or the "Company") (NASDAQ:OPTT). The
investigation concerns possible violations of federal securities laws
and focuses on certain statements issued by the Company concerning its
business and financial prospects.
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 Astralia. The investigation is related to the
Company's June 10, 2014, disclosure that on June 9, 2014, 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 all outside directors, which
will retain outside counsel to assist in an investigation into the
agreement between Victorian Wave Partners Pty Ltd, a project-specific
operating entity wholly-owned by the Company's subsidiary Ocean Power
Technologies (Australasia) Pty Ltd, 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% below the previous day's closing price.
If you purchased Ocean Power Technologies securities prior to June 10,
2014, or if you are a long-term shareholder of the Company and would
like to learn more about these or other potential claims, or if you have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free
at (888) 638-4847, or by email to firstname.lastname@example.org,
or visit our website at www.howardsmithlaw.com.
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