Ocean Power Technologies, Inc. ("OPTT" or the Company) is an American renewable energy company that provides electric power and communications solutions for remote offshore applications.

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 ARENA, 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.

The Court issued Orders awarding attorneys' fees and expenses and dismissing the case with prejudice on November 15, 2016. The Court entered Final Judgment on November 15. On June 28, 2017, the Court issued an Order approving the distribution plan.