NEW YORK, June 17, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ocean Power Technologies, Inc. ("Ocean Power" or the "Company") (NASDAQ: OPTT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Ocean Power and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 10, 2014, the Company announced in a Securities and Exchange Commission (SEC) form 8-K filing that Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power. The Company also disclosed that the board of directors appointed a Special Committee, composed of outside directors and the interim chief executive officer, which will retain outside counsel to assist in an investigation into the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency, and related public statements concerning the project.
On this news, shares of Ocean Power fell $0.84 per share to $1.63, or more than 34%, in intraday trading on June 10, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP