NVESTOR ALERT: Class Action Lawsuit Against Ocean Power Technologies, Inc. Announced by Law Offices of Howard G. Smith
17th June, 2014
June 17, 2014 10:32 AM Eastern Daylight Time BENSALEM, Pa.--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of Ocean Power Technologies, Inc. (“Ocean Power Technologies” or the “Company”) (NASDAQ:OPTT) between January 14, 2014 and June 9, 2014, inclusive (the “Class Period”). 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 an 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. If you are a member of the Class described above, you have until August 12, 2014, to move the Court 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith.