Ocean Power Technologies: Class Action Lawsuit Settled
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PENNINGTON, New Jersey - Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT” or “the Company”) announced that it has reached a settlement agreement in the class action securities litigation, In re: Ocean Power Technologies, Inc. Securities Litigation, Case No. 14-3799, first filed in June 2014 in US District Court in New Jersey. The Company and the other defendants reached a settlement agreement which, if approved by the court, will settle claims asserted in the lawsuit by the lead plaintiff individually and on behalf of a class that consists of investors in the Company from January 14, 2014 through July 29, 2014, and investors who purchased the Company’s securities in the Company’s April 4, 2014 offering of shares of common stock. The agreement will settle the class action litigation without any admission or concession of wrongdoing or liability by the Company or the other defendants. The terms of the settlement are subject to notice to the class and final approval by the Court.
George Kirby, President and Chief Executive Officer of OPT commented, “The settlement of the securities litigation is another significant step for OPT to finalize our strategic pivot. We value all of our stockholders and institutional investors, and are pleased to be in a position to put this litigation behind us. I want to personally thank all the parties that were involved in the process.”
The class of plaintiffs is represented by the law firm of Levi & Korskinsky LLP, which will be responsible for the notification process. The Company is represented by the law firm of Dechert LLP.
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies (Nasdaq:OPTT) is a pioneer in ocean wave energy conversion. OPT's proprietary PowerBuoy® technology is based on a scalable and modular design. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and energy storage technology.
Mark A. Featherstone
Chief Financial Officer of OPT
Investor Relations Contact:
Barwicki Investor Relations, Inc.