Shareholders Foundation, Inc.

Ocean Power Technologies Inc (NASDAQ:OPTT) Investor Alert: Deadline in Lawsuit on August 12, 2014

A Deadline is coming up on August 12, 2014 in the lawsuit for investors in Ocean Power Technologies Inc (NASDAQ:OPTT) and NASDAQ:OPTT stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (ReleaseWire) -- 07/29/2014 -- A deadline is coming up on August 12, 2014 to get actively involved in the lawsuit over alleged Securities Laws Violations by Ocean Power Technologies Inc filed on behalf of investors in Ocean Power Technologies Inc (NASDAQ: OPTT) common stock during the period between January 14, 2014 and July 14, 2014, including purchasers in Ocean Power Technologies Inc’s April 3, 2014 follow-on public stock offering.

Investors who purchased shares 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@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff 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 related to a planned wave power station project off the coast of Australia, that the renewable energy project off the Australian coast was not commercially viable, 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 and in 2012, Ocean Power Technologies acquired a 100% interest in Victoria Wave Partners Pty Ltd

On June 10, 2014, Ocean Power Technologies Inc announced that it had terminated its Chief Executive Officer (“CEO”), Charles F. Dunleavy, “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.

On July 14, 2014, after the close of trading, the Company disclosed that Ocean Power Technologies Inc was canceling the plans to build the renewable-energy project off the Australian coast altogether

The plaintiff seeks to recover damages on behalf of all purchasers of Ocean Power Technologies Inc (NASDAQ: OPTT) common shares between January 14, 2014 and July 14, 2014.

Those who purchased shares of Ocean Power Technologies Inc (OPTT) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com