Rigrodsky & Long, P.A.:
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the District of New Jersey on
behalf of all persons or entities that purchased the common stock of
Ocean Power Technologies, Inc. ("Ocean Power" or the "Company") (NASDAQ
between January 14, 2014 and June 9, 2014, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the "Complaint").
If you purchased shares of Ocean Power during the Class Period, or
purchased shares prior to the Class Period and still hold Ocean Power,
and wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to firstname.lastname@example.org; or
Ocean Power develops and seeks to commercialize proprietary systems that
generate electricity by harnessing the renewable energy of ocean waves.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company's business, operations and prospects.
Specifically, the Complaint alleges that the defendants concealed from
the investing public: (1) that the Company may have misstated the nature
and/or circumstances of the agreement between Victorian Wave Partners
Pty Ltd ("VWP") and the Australian Renewable Energy Agency; and (2)
that, as a result of the foregoing, defendants' statements concerning
the VWP project and positive statements about Ocean Power's business,
operations, and prospects, were materially false and misleading and/or
lacked a reasonable basis. As a result of defendants' alleged false and
misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on June 10, 2014, Ocean Power announced that
it had terminated its Chief Executive Officer ("CEO"), Charles F.
Dunleavy. The Company also announced that the Company's Board of
Directors had appointed a Special Committee, composed of outside
directors and the Interim CEO, to conduct an internal investigation into
the agreement between VWP, a project-specific operating entity
wholly-owned by the Company's subsidiary Ocean Power Technologies
(Australia) Pty Ltd, and the Australian Renewable Energy Agency, and
related public statements concerning that project.
On this news, shares in Ocean Power plummeted more than 34%, closing at
$1.63 per share on June 10, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than August 12, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
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