Ocean Power Technologies achieves significant step in resolving remaining legacy issues and better positions the Company for ...
March 15 2018 - 4:10PM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) announced today that
the US District Court in New Jersey, on March 9, 2018, issued an
order granting preliminary approval of a proposed settlement of the
consolidated derivative lawsuit entitled Douglas Labare,
Derivatively and on Behalf of Ocean Power Technologies, Inc., v.
Charles Dunleavy, et al., Case No. 3:15-cv-01980-FLW-LHG. The
Company and certain of its current and former directors and
officers were named in a derivative lawsuit, first filed in March
2015, relating to an agreement, terminated in the summer of 2014,
between one of the Company’s subsidiaries and a governmental entity
in Australia. The settlement, if granted final approval by
the Court, will resolve all of the claims alleged in the derivative
lawsuit without any admission or concession of wrongdoing or
liability by the Company or the other defendants.
George Kirby, President and Chief Executive Officer of OPT
commented, “The proposed settlement of the derivative lawsuit is
another significant step for OPT to resolve legacy issues and
better positions the Company for future growth. We value all
of our stockholders and investors, and we 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 Court order also approved a proposed Notice to Current Ocean
Power Stockholders of Proposed Settlement (the “Notice”) and set a
hearing date to determine whether the Court should issue a final
order approving the settlement for May 14, 2018. Any
objections to the settlement must be filed in writing with the
Court no later than April 30, 2018. Additional information
concerning the terms of the proposed settlement as well as the May
14th hearing and the requirements for objections can be found in
the Notice, which is available on the investor relations portion of
the Company’s website at www.oceanpowertechnologies.com.
About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies aspires to transform the world through durable,
innovative and cost-effective ocean energy solutions. Its PB3
PowerBuoy™ uses ocean waves to provide clean and reliable electric
power and real-time communications for remote offshore applications
in markets such as oil and gas, defense, security, ocean observing,
and communications. To learn more, visit
www.oceanpowertechnologies.com.
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.
Investor Relations Contact:Jackie Marcus or Steve CalkEmail:
OPTT@alpha-ir.comPhone: 312-445-2870
Media Contact:Marilyn VollrathReputation Partners, LLCPhone:
(414) 376-8834Email: Marilyn@reputationpartners.com
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