NEW YORK, June 20, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased or otherwise acquired the securities of Ocean Power Technologies, Inc. ("Ocean Power" or the "Company") (Nasdaq:OPTT) during the period between January 14, 2014 to June 9, 2014 (the "Class Period").
The Complaint alleges that Defendants made materially false and misleading statements about Ocean Power's relationship with the Australian Renewable Energy Agency ("ARENA"), an agency that had issued a grant to an Ocean Power subsidiary. On June 10, 2014, Ocean Power shocked the market by announcing that it had fired its Chief Executive Officer ("CEO"), Charles F. Dunleavy for cause, and announced that it had created a Special Committee "to conduct an internal investigation into the agreement between Victorian Wave Partners Pty Ltd, a project-specific operating entity wholly-owned by the Company's subsidiary Ocean Power Technologies (Australasia) Pty Ltd, and the Australian Renewable Energy Agency, and related public statements concerning the project." On this news, Ocean Power's stock price fell by 34%, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 12, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source: Gainey McKenna & Egleston