SAN DIEGO and PENNINGTON, N.J., June 18, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Ocean Power Technologies, Inc. (NASDAQ: OPTT) has filed a federal securities fraud class action complaint in the U.S. District Court District of New Jersey. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between January 14, 2014 and June 9, 2014 (the "Class Period"). Ocean Power develops and commercializes a proprietary system that harnesses the renewable nature of ocean waves, and converts it into electricity.
Ocean Power Is Accused of Misstating the Nature of the Agreement Between Victorian Wave Partners Pty Ltd and the Australian Renewable Energy Agency
According to the complaint, shares of Ocean Power fell over 34% to close at $1.63 per share on June 10, 2014, following an announcement by the company that it had terminated its CEO and Chairman of the Board, Charles F. Dunleavy. In that announcement, the company also revealed that it was launching an investigation into the agreement, and subsequent public statements, between Victorian Wave Partners Pty Ltd (VWP), a project-specific operating entity wholly-owned by the company's Australian subsidiary, and the Australian Renewable Energy Agency.
The complaint alleges that Ocean Power had previously misstated the nature of the agreement between VWP and the Australian Renewable Energy Agency. As a result of the misstatement, false and/or misleading statements were disseminated regarding Ocean Power's business prospects and operations. As a result, Ocean Power shares traded at artificially inflated prices during the Class Period.
Ocean Powers Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Ocean Powers and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/ocean-power-technologies-inc
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP