|[June 20, 2014]
Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Ocean Power Technologies, Inc.
WASHINGTON --(Business Wire)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether Ocean Power Technologies, Inc. ("Ocean Power" or the
"Company") and certain of its officers and directors made false and
misleading statements and/or omissions in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the
District of New Jersey by another law firm on behalf of purchasers of
the common stock of Ocean Power Technologies, Inc. (NASDAQ: OPTT)
between January 14, 2014 and June 9, 2014 including those who purchased
shares pursuant or traceable to the Company's April 4, 2014 offering
(the "Class Period").
The claims in this case arise from the Company's recent announcement
that it had terminated its CEO for cause and had formed a special
committee to investigate an agreement between Victorian Wave Partners
Pty. Ltd ("Victorian Wave") and the Australian Renewable Energy Agency
("ARENA"), and related public statements concerning the project.
Victorian Wave is a project-specific operating entity wholly-owned by
the Company's subsidiary Ocean Power (Australasia) Pty. Ltd. One of
Ocean Power's principal projects, which is conducted through Victorian
Wave, is the development of an ocean wave-based power station off the
coast of Portland, Victoria, Australia (the "Australian Project"). The
complaint alleges that Ocean Power and Charles Dunleavy, its former CEO
("Defendants"), misrepresented and/or failed to disclose the true nature
and circumstances of the agreement between Victorian Wave and ARENA and,
as a result, Defendants' statements concerning the Australian Project,
and positive statements about the Company's business, operations and
prospects, were materially false and misleading or lacked a reasonable
basis for being made during the relevant time period.
The Class Period ends on June 10, 2014 with the Company's announcement
that it had"terminated Charles F. Dunleavy as Chief Executive Officer
and as an employee of the Company, effective June 9, 2014," adding that
Dunleavy had also been removed from his position as Chairman of the
Board of Directors, and that a Special Committee had been appointed to
investigate. The price of Ocean Power shares fell from $2.47 to $1.63 on
The termination and Special Committee investigation came on the heels of
a report by TheStreetSweeper noting the Company's misleading practice of
"regurgitat[ing] old, misleading news that pops [its] stock price,"
including purported "news" related to the agreement between Victorian
Wave and ARENA that made it appear as though new funding had been
obtained from ARENA.
Cohen Milstein encourages all investors who purchased Ocean Power common
stock between January 14, 2014 and June 9, 2014 including those who
purchased shares pursuant or traceable to the Company's April 4, 2014
offering, or former employees with information concerning this matter to
contact the firm.
If you are an Ocean Power shareholder and would like to discuss your
right to recover for your economic loss, you may, without any cost or
obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at
(888) 240-0775 or (202) 408-4600, or email him at email@example.com.
If you wish to serve as lead plaintiff, you must move the Court no later
than August 12, 2014 to request that the Court appoint you as lead
plaintiff. A lead plaintiff is a representative party acting on behalf
of other class members in directing the litigation. To be appointed lead
plaintiff, the Court must decide that your claim is typical of the
claims of other class members, and that you will adequately represent
the class. Your share in any recovery will not be enhanced or diminished
by the decision whether or not to serve as a lead plaintiff. Any member
of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or
other attorneys to serve as your counsel in this action, or you may do
nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in
prosecuting investor class actions and actions involving securities
fraud. The firm has offices in Washington, D.C., New York, Chicago,
Philadelphia and Palm Beach Gardens, and is active in major litigation
pending in federal and state courts throughout the nation.
The firm has been repeatedly appointed by federal courts across the
country to lead positions in complex multi-district or consolidated
litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in
numerous important cases on behalf of defrauded investors, and has been
responsible for a number of outstanding recoveries which, in the
aggregate, total over one billion dollars. Prior results do not
guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll
1100 New York Avenue, N.W.
West Tower, Suite 500
Telephone: (888) 240-0775 or (202) 408-4600
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