Glancy Binkow & Goldberg LLP Announces An Expanded Class Period in the Shareholder Lawsuit Against Ocean Power Technologies, ...

Glancy Binkow & Goldberg LLP announces that the shareholder lawsuit filed on behalf of investors of Ocean Power Technologies, Inc. (“Ocean Power Technologies” or the “Company”) (NASDAQ:OPTT), in the United States District Court for the District of New Jersey has been expanded to include all purchasers of Ocean Power Technologies securities between January 14, 2014 and July 14, 2014 (the “Class Period”), including purchasers in the Company’s April 3, 2014, follow-on public stock offering at $3.10 per share.

Ocean Power Technologies engages in the development and commercialization of proprietary systems that generate electricity by harnessing the renewable energy of ocean waves, primarily in the United States, Europe, Asia and Australia. The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements regarding the Company’s business results and financial prospects.

On June 10, 2014, the Company disclosed that on June 9, 2014, Charles F. Dunleavy was terminated as the chief executive officer of Ocean Power Technologies. The Company also disclosed that the board of directors appointed a Special Committee to assist in an investigation into the agreement between Victorian Wave Partners Pty Ltd − a project-specific operating entity wholly-owned by the Company's subsidiary − and the Australian Renewable Energy Agency, related to public statements concerning a planned wave power station project off the coast of Australia. Following this news, the price of Ocean Power Technologies shares dropped approximately 34%, to close on June 10, 2014, at $1.63 per share, on unusually heavy volume.

If you are a member of the Class described above, you may move the Court no later than 60 days from June 13, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at [phone], by e-mail to [e-mail], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg, [e-mail]