A little more background and appears to be related to securities fraud claims -
press release
June 10, 2014, 6:04 p.m. EDT
EQUITY ALERT: The Rosen Law Firm Announces Investigation of Securities Fraud Claims against Ocean Power Technologies, Inc. – OPTT
NEW YORK, Jun 10, 2014 (BUSINESS WIRE) -- The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Ocean Power Technologies, Inc. /quotes/zigman/106192/delayed/quotes/nls/optt OPTT +7.36% resulting from allegations that the Company may have made false and misleading disclosures concerning its subsidiary Victoria Wave Partners Pty Ltd. (“VWP”).
In 2009, VWP was founded to develop a wave generator project off the coast of Victoria, Australia. In 2012, OPTT acquired a 100% interest in VWP. Since then, OPTT has repeatedly touted VWP’s prospects to investors. In particular, OPTT touted a purported agreement with the Australian Renewable Energy Agency to provide an A$66.5 million grant to develop the wave generator and milestone payments established through this grant.
On June 10, 2014, OPTT announced that it had fired Charles Dunleavy, its CEO, for cause. OPTT also announced that it would conduct an internal investigation “into the agreement between [VWP], 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, the price of OPTT shares fell $0.84, or about 34%, damaging investors.
The Rosen Law Firm is preparing a class action lawsuit on behalf of OPTT investors. If you purchased OPTT securities prior to June 10, 2014, you may visit the website at
http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
[email protected] or
[email protected] .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
SOURCE: The Rosen Law Firm, P.A.
The Rosen Law Firm P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Jonathan Horne, Esq.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: 212-686-1060
Toll Free: 866-767-3653
Fax: 212-202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
Copyright Business Wire 2014
http://www.marketwatch.com/story/eq...gies-inc-optt-2014-06-10?reflink=MW_news_stmp
