STEVENSON, Md., June 16, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Ocean Power Technologies, Inc. ("Ocean Power" or the "Company") (Nasdaq:OPTT) securities during the period between January 14, 2014 and June 9, 2014, inclusive (the "Class Period"), and informs investors who wish to become proactively involved in the litigation that they have until August 12, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Ocean Power securities purchased on or after January 14, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 12, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the true nature and/or circumstances of an agreement between the Australian Renewable Energy Agency and Victorian Wave Partners Pty Ltd, a Company subsidiary, related to a planned wave power station project off the coast of Australia. According to the complaint, following the Company's June 10, 2014 announcement that on June 9, 2014, Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power and that the Company's board of directors appointed a Special Committee, composed of outside directors and the interim chief executive officer, to conduct an investigation, with the assistance of outside counsel, into the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency, the value of Ocean Power's shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.