Ocean Power Technologies Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

By Business Wire,  June 19, 2014, 12:02:00 PM EDT

DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Ocean Power Technologies, Inc. ("Ocean Power" or "Company") (NasdaqGM:OPTT) and several officers and directors for acts taken during the period of January 14, 2014 to June 9, 2014 (the "Class Period").

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Ocean Power. If you are an affected Ocean Power shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via email at shareholder@powerstaylor.com. There is no cost or fee to you.

In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that Defendants issued false and misleading statements and/or failed to disclose that the Company may have misstated the nature and/or circumstances of the agreement between VWP and the Australian Renewable Energy Agency. As such, the statements made by Defendants concerning the VWP project and the positive statements about Ocean Power's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Source: Powers Taylor LLP

This article appears in: News Headlines

Referenced Stocks: OPTT

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