Investor files Lawsuit against Ocean Power Technologies Inc (NASDAQ:OPTT) over alleged Securities Laws Violations
Filed Under: Business, Financial Markets | Posted: 06/23/2014 at 11:27AM
Comments | Region: California | United States
The Shareholders Foundation announces that an investor, who purchased shares of Ocean Power Technologies Inc (NASDAQ:OPTT), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Ocean Power Technologies Inc in connection with certain allegedly false and misleading statements made between January 14, 2014 and June 9, 2014.
Investors who purchased shares of Ocean Power Technologies Inc (NASDAQ:OPTT) have certain options and for certain investors are short and strict deadlines running. Deadline: August 12, 2014. NASDAQ:OPTT investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Ocean Power Technologies Inc (NASDAQ:OPTT) common shares between January 14, 2014 and June 9, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The plaintiff claims 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 and that as a result, defendants’ statements concerning the Victorian Wave Partners project, and positive statements about Ocean Power Technologies Inc’s business, operations and prospects, were allegedly materially false and misleading or lacked a reasonable basis.
In 2009, Victoria Wave Partners Pty Ltd was founded to develop a wave generator project off the coast of Victoria, Australia.
In 2012, Ocean Power Technologies acquired a 100% interest in Victoria Wave Partners Pty Ltd
Ocean Power Technologies Inc reported that its while its Total Revenue declined from $6.69 million for the 12 months period that ended on April 30, 2011 to $3.62 million for the 12 months period that ended on April 30, 2013, its respective Net Loss declined from $20.44 million to $14.68 million.
Shares of Ocean Power Technologies Inc (NASDAQ:OPTT) declined from $5.83 per share in early 2011 to as low as $1.48 per share in April 2013.
Then in February 2014, NASDAQ:OPTT shares jumped from $2.24 per share on February 7, 2014, to $.64 per share on February 14, 2014. Since then NASDAQ:OPTT shares declined to $2.60 per share on June 9, 2014.
Then on June 10, 2014, Ocean Power Technologies Inc announced that on June 9, 2014, Charles F. Dunleavy was terminated, effective immediately, as the Chief Executive Officer of Ocean Power Technologies, Inc. and as an employee of Ocean Power Technologies Inc and its subsidiaries. Ocean Power Technologies Inc said that his termination was for cause, and Mr. Dunleavy will not receive any severance payments under his employment agreement with Ocean Power Technologies Inc.
Ocean Power Technologies Inc also said that on June 9, 2014, the Board of Directors appointed a Special Committee, composed of all outside directors of Ocean Power Technologies Inc, to conduct an internal investigation into the agreement between Victorian Wave Partners Pty Ltd and the Australian Renewable Energy Agency, and related public statements concerning the project.
Shares of Ocean Power Technologies Inc closed on June 20, 2014, at $1.66 per share.
Those who purchased shares of Ocean Power Technologies Inc (NASDAQ:OPTT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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