Binkow & Goldberg LLP reminds of Ocean
Power Technologies, Inc. ("Ocean Power Technologies" or the
"Company") (NASDAQ:OPTT) that all purchasers of Ocean Power Technologies
securities between January 14, 2014 and June 9, 2014, inclusive (the
"Class Period"), have until August 12, 2014, to file a motion to be
appointed as lead plaintiff in the shareholder lawsuit.
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 and/or circumstances of n
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 disclosed that on June 9, 2014, Charles F.
Dunleavy was terminated as the chief executive officer of Ocean Power
Technologies, and that the board of directors appointed a Special
Committee to investigate the agreement between Victorian Wave Partners
and the Australian Renewable Energy Agency and related public statements
concerning the project.
Then, on July 14, 2014, the Company disclosed that Victorian Wave
Partners notified the Australian Renewable Energy Agency that the wave
power station project would be terminated because Victorian Wave
Partners' board of directors concluded the project was "no longer
commercially viable." Following this news, Ocean Power Technologies
shares dropped nearly 23 percent in intraday trading on July 15, 2014.
If you are a member of the Class described above, you may move the Court
no later than August 12, 2014, to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class, you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class. If
you wish to learn more about this action or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow
& Goldberg LLP, 122 E. 42nd Street, Suite 2920, New York, New York
10168, at (646) 539-8980, by e-mail to email@example.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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