San Diego, CA -- (SBWIRE) -- 07/08/2014 -- An investigation on behalf of current long-term investors in shares of Ocean Power Technologies Inc (NASDAQ:OPTT) concerning potential breaches of fiduciary duties by certain directors and officers of Ocean Power Technologies was announced.
Investors who are current long term investors in Ocean Power Technologies Inc (NASDAQ:OPTT) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:OPTT stocks follows a lawsuit filed recently against Ocean Power Technologies Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:OPTT stocks, concerns whether certain Ocean Power Technologies officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges 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.
In 2009, Victoria Wave Partners Pty Ltd was founded to develop a wave generator project off the coast of Victoria, Australia. 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 on June 9, 2014, Charles F. Dunleavy was terminated, effective immediately, as the Chief Executive Officer of Ocean Power Technologies, Inc. and as an employee of Ocean Power Technologies Inc and its subsidiaries. Ocean Power Technologies Inc said that his termination was 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.
Shares of Ocean Power Technologies Inc closed on June 13, 2014, at $1.73per share.
Those who purchased shares of Ocean Power Technologies Inc (NASDAQ:OPTT) have certain options and should contact the Shareholders Foundation.
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