OPT/ARENA Probe, page-9

I am still wondering why no Australian news sources have not picked up on this story.

"PAPERS FILED AGAINST OPT"

17/06/2014

Law firm Glancy Binkow & Goldberg has filed a class action lawsuit against Ocean Power Technologies in the United States District Court for the District of New Jersey on behalf of the company’s stockholders. It is alleged that the wave energy developer made false and misleading disclosures about its subsidiary Victoria Wave Partners, deceiving investors as to the state of its “business, operations and prospects”. OPT sacked chief executive Charles F Dunleavy earlier this month and started an internal investigation into the agreement between wholly owned, project-specific subsidiary VWP and the Australian Renewable Energy Agency to develop a 62.5MW buoy array. The probe was also focusing on “related public statements concerning the project”. The paperwork filed with the court by Glancy Binkow & Goldberg alleges “violations of the Securities Exchange Act of 1934 against the company and certain of its officers” between January 14 and June 9 this year. It is claimed that during the period “defendants made materially false and misleading statements, and omitted materially adverse facts”. OPT allegedly “misstated the nature and/or circumstances of the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency” as a result of which “the company’s stock traded at artificially inflated prices during the Class Period”. Rigrodsky & Long, The Law Offices of Howard G Smith and The Rosen Law Firm also said they are investigating securities fraud claims against the company on behalf of stockholders."

http://renews.biz/68580/court-papers-filed-against-opt/