NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the District of New Jersey on behalf of investors who acquired Ocean Power Technologies, Inc. (“Ocean Power” or the “Company”) (NASDAQ-GM: OPTT) securities from January 14, 2014 through June 9, 2014. Pursuant to applicable law, investors have until August 12, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit alleges that the Company had an agreement with the Australian Renewable Energy Agency to partially fund the Company’s development of an ocean wave-based power station off the coast of Portland, Victoria, Australia. During the Class Period, the Company made several public statements about that agreement, which caused Ocean Power’s stock to trade at artificially inflated prices. However, on June 10, 2014, the Company announced that Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power. Further, the Company disclosed that the board of directors appointed a Special Committee to investigate the Australian Project and related public statements concerning that project.
In response to this news, the price of Ocean Power stock declined from $2.47 on June 9, 2014 to $1.63 on June 10, 2014, a 34% loss in value.
If you acquired Ocean Power securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Wilona Karnadi or Jess Kelley at firstname.lastname@example.org, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Ocean Power can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.