Glancy Binkow & Goldberg LLP Announces An Expanded Class Period in the Shareholder Lawsuit Against Ocean Power Technologies, ...
July 23 2014 - 10:32AM
Business Wire
Glancy Binkow & Goldberg LLP announces that the shareholder
lawsuit filed on behalf of investors of Ocean Power Technologies,
Inc. (“Ocean Power Technologies” or the “Company”) (NASDAQ:OPTT),
in the United States District Court for the District of New Jersey
has been expanded to include all purchasers of Ocean Power
Technologies securities between January 14, 2014 and July 14, 2014
(the “Class Period”), including purchasers in the Company’s April
3, 2014, follow-on public stock offering at $3.10 per share.
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 throughout the Class Period defendants issued materially false
and misleading statements regarding the Company’s business results
and financial prospects.
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. The Company also disclosed that the
board of directors appointed a Special Committee 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 − and the Australian Renewable Energy Agency,
related to public statements concerning a planned wave power
station project off the coast of Australia. 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.
If you are a member of the Class described above, you may move
the Court no later than 60 days from June 13, 2014, to serve as
lead plaintiff, if you 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
Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
Toll Free at (888) 773-9224, by e-mail to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael
Goldberg,
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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