Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Ocean Power Technologies, Inc.
WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Ocean Power Technologies, Inc. (NASDAQ GM: OPTT)?
- Did you purchase your shares before January 14, 2014, or between January 14, 2014 and June 9, 2014, inclusive?
- Did you lose money in your investment in Ocean Power Technologies, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Ocean Power Technologies, Inc. (“Ocean Power” or the “Company”) (NASDAQ GM: OPTT) between January 14, 2014 and June 9, 2014, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Ocean Power during the Class Period, or purchased shares prior to the Class Period and still hold Ocean Power, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://www.rigrodskylong.com/investigations/ocean-power-technologies-inc-optt.
Ocean Power develops and seeks to commercialize proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that the Company may have misstated the nature and/or circumstances of the agreement between Victorian Wave Partners Pty Ltd (“VWP”) and the Australian Renewable Energy Agency; and (2) that, as a result of the foregoing, defendants’ statements concerning the VWP project and positive statements about Ocean Power’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 10, 2014, Ocean Power announced that it had terminated its Chief Executive Officer (“CEO”), Charles F. Dunleavy. The Company also announced that the Company’s Board of Directors had appointed a Special Committee, composed of outside directors and the Interim CEO, to conduct an internal investigation into the agreement between VWP, a project-specific operating entity wholly-owned by the Company’s subsidiary Ocean Power Technologies (Australia) Pty Ltd, and the Australian Renewable Energy Agency, and related public statements concerning that project.
On this news, shares in Ocean Power plummeted more than 34%, closing at $1.63 per share on June 10, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 12, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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