Ocean Power Technologies Settles Class Action Lawsuit
May 11 2016 - 7:45AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
(“OPT” or “the Company”) announced today that it has reached a
settlement agreement in the class action securities litigation, In
re: Ocean Power Technologies, Inc. Securities Litigation, Case No.
14-3799, first filed in June 2014 in US District Court in New
Jersey. The Company and the other defendants reached a
settlement agreement which, if approved by the court, will settle
claims asserted in the lawsuit by the lead plaintiff individually
and on behalf of a class that consists of investors in the Company
from January 14, 2014 through July 29, 2014, and investors who
purchased the Company’s securities in the Company’s April 4, 2014
offering of shares of common stock. The agreement will settle
the class action litigation without any admission or concession of
wrongdoing or liability by the Company or the other defendants. The
terms of the settlement are subject to notice to the class and
final approval by the Court.
George Kirby, President and Chief Executive
Officer of OPT commented, “The settlement of the securities
litigation is another significant step for OPT to finalize our
strategic pivot. We value all of our stockholders and
institutional investors, and are pleased to be in a position to put
this litigation behind us. I want to personally thank all the
parties that were involved in the process.”
The class of plaintiffs is represented by the
law firm of Levi & Korskinsky LLP, which will be responsible
for the notification process. The Company is represented by
the law firm of Dechert LLP.
About Ocean Power
Technologies
Headquartered in Pennington, New Jersey, Ocean
Power Technologies (Nasdaq:OPTT) is a pioneer in ocean wave energy
conversion. OPT's proprietary PowerBuoy® technology is based on a
scalable and modular design. OPT specializes in cost-effective and
environmentally sound ocean wave based power generation and energy
storage technology.
Forward-Looking Statements
This release may contain "forward-looking
statements" that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by certain words or phrases such as
"may", "will", "aim", "will likely result", "believe", "expect",
"will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", "seek to", "future", "objective", "goal", "project",
"should", "will pursue" and similar expressions or variations of
such expressions. These forward-looking statements reflect the
Company's current expectations about its future plans and
performance. These forward-looking statements rely on a number of
assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's most recent Forms 10-Q and 10-K and subsequent filings
with the SEC for a further discussion of these risks and
uncertainties. The Company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.
Company Contact:
Mark A. Featherstone
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations, Inc.
Phone: 516-662-9461
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