Case Page

 

Case Status:    SETTLED
On or around 05/06/2016 (Ongoing date of last review)

Filing Date: June 13, 2014

According to the law firm press release, beginning January 14, 2014, OPTT and its CEO made materially false and misleading statements about OPTT’s relationship with the Australian Renewable Energy Agency (“ARENA”), an agency that had issued an OPTT subsidiary a grant. On June 10, 2014, OPTT shocked the market by announcing that it had fired its CEO for cause, and announced that it had created a Special Committee “to conduct an internal investigation into the agreement between Victorian Wave Partners Pty Ltd, 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, OPTT’s stock price fell by 34%, damaging investors.

On March 17, 2015, the Court appointed lead plaintiff and approved lead counsel.

On May 5, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on June 7.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Constr. & Agric. Machinery
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OPTT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 14-CV-03799
JUDGE: Hon. Freda L. Wolfson
DATE FILED: 06/13/2014
CLASS PERIOD START: 01/14/2014
CLASS PERIOD END: 06/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm (New Jersey)
    236 Tillou Road, The Rosen Law Firm (New Jersey), NJ 07079
    (973) 313-1887 (973) 833-0399 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 14-CV-03799
JUDGE: Hon. Freda L. Wolfson
DATE FILED: 10/09/2015
CLASS PERIOD START: 01/14/2014
CLASS PERIOD END: 07/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky
    235 Main Street, Levi & Korsinsky, NJ 07601
    973-265-1600 ·
No Document Title Filing Date