A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Ocean Power Technologies Inc (NASDAQ:OPTT) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 31, 2016 and NASDAQ:OPTT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/20/2016 -- A deadline is coming up on October 31, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Ocean Power Technologies Inc (NASDAQ:OPTT) between January 14, 2014 and July 29, 2014.
Investors who purchased a significant amount of shares of Ocean Power Technologies Inc (NASDAQ:OPTT) between January 14, 2014 and July 29, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Ocean Power Technologies Inc (NASDAQ:OPTT) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/ocean-power-technologies-inc-nasdaq-optt-investor-securities-class-action-lawsuit-06132014
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 31, 2016. The class action administrator for this case is Ocean Power Technologies Inc Securities Litigation.
The lawsuit was originally filed in the U.S. District Court for the District of New Jersey against Ocean Power Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 14, 2014 and June 9, 2014. According to the complaint the plaintiff alleges on behalf of purchasers of Ocean Power Technologies Inc (NASDAQ:OPTT) common shares between January 14, 2014 and June 9, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The plaintiff claims 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 - a project-specific operating entity wholly-owned by the Company's subsidiary - related to a planned wave power station project off the coast of Australia 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.
Those who purchased shares of Ocean Power Technologies Inc have certain options and should contact the Shareholders Foundation.
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