NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Ocean Power Technologies, Inc. (NASDAQ:OPTT) resulting from allegations that the Company may have made false and misleading disclosures concerning its subsidiary Victoria Wave Partners Pty Ltd. (“VWP”).
In 2009, VWP was founded to develop a wave generator project off the coast of Victoria, Australia. In 2012, OPTT acquired a 100% interest in VWP. Since then, OPTT has repeatedly touted VWP’s prospects to investors. In particular, OPTT touted a purported agreement with the Australian Renewable Energy Agency to provide an A$66.5 million grant to develop the wave generator and milestone payments established through this grant.
On June 10, 2014, OPTT announced that it had fired Charles Dunleavy, its CEO, for cause. OPTT also announced that it would conduct an internal investigation “into the agreement between [VWP], a project-specific operating entity wholly-owned by the Company’s subsidiary Ocean Power Technologies (Australasia) Pty Ltd, and the Australian Renewable Energy Agency, and related public statements concerning the project.” On this news, the price of OPTT shares fell $0.84, or about 34%, damaging investors.
The Rosen Law Firm is preparing a class action lawsuit on behalf of OPTT investors. If you purchased OPTT securities prior to June 10, 2014, you may visit the website at http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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