Ocean Power Technologies receives securities class action lawsuit

Ocean Power Technologies Securities Class Action

A law office recently announced that a securities class action lawsuit against an electricity company was filed after allegations of securities law violations surfaced.

Law firm Rigrodsky and Long, P.A., noted that the litigation was filed in the U.S. District Court for the District of New Jersey against Ocean Power Technologies, Inc. This includes all shareholders who acquired stock in the company during the class period between Jan. 14, 2014 and June 9, 2014.

The allegations in the case center around Ocean Power Technologies’ leaders potentially violating the Securities Exchange Act of 1934. More specifically, the company’s leaders were noted to have made a number of statements that were false or misleading about the business’ prospects and operations. Company leaders also may have not clarified business relationships with the Australian Renewable Energy Agency and Victorian Wave Partners Pty. Ltd.

It is possible to become lead plaintiff in the case, but those who are interested must file all necessary paperwork with the court by Aug. 12, 2014. This position is not mandatory, and shareholders have the ability to take no further action and still collect in the event of a financial return. All applicants will need to be approved by the court.

For shareholders who are interested in learning more about the case and how it could affect them, it is an option to discuss any matters regarding their rights and interests with the law office. The best people to speak with are Timothy MacFall and Peter Allocco, who can be reached by telephone, email or mail. Additionally, the firm’s website has further details.





Ocean Power Technologies Securities Class Action – Second Lawsuit Filed

Another litigation firm noted that a class action lawsuit was filed against Ocean Power Technologies for many of the aforementioned reasons.

Law office Faruqi and Faruqi, LLP, noted that the litigation was filed in the same court for the previously mentioned class period. The company also removed its CEO after filing a Form 8-K, which saw its stock decline by more than 34 percent.

It is also an option for shareholders to discuss related matters with this law firm. Any stockholder who acquired interests during the class period have an option to speak with Richard Gonnello. He can be reached by telephone or email, while other information is available on the law office’s website.