[June 10, 2014]

SHAREHOLDER ALERT: Investigation on Behalf of Ocean Power Technologies, Inc. Investors Announced by Law Offices of Howard G. Smith

Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Ocean Power Technologies, Inc. ("Ocean Power Technologies" or the "Company") (NASDAQ:OPTT). The investigation concerns possible violations of federal securities laws and focuses on certain statements issued by the Company concerning its business and financial prospects.

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 Astralia. The investigation is related to the Company's June 10, 2014, disclosure that on June 9, 2014, Charles F. Dunleavy was terminated as the Chief Executive Officer of Ocean Power Technologies. The Company also disclosed that the board of directors appointed a Special Committee, composed of all outside directors, which will retain outside counsel to assist in an investigation into the agreement between Victorian Wave Partners Pty Ltd, 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. Following this news, the price of Ocean Power Technologies shares dropped approximately 34% below the previous day's closing price.

If you purchased Ocean Power Technologies securities prior to June 10, 2014, or if you are a long-term shareholder of the Company and would like to learn more about these or other potential claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

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