OPT clears class action lawsuit

Ocean Power Technologies (OPT) has reached a settlement agreement in the class action securities litigation.

The lawsuit was filed in June 2014 in S District Court in New Jersey. OPT 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 OPT from January 14, 2014 through July 29, 2014, the company informed.

The settlement agreement also includes claims by investors who purchased the OPT’s securities in its 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 OPT or the other defendants, and according to the company, 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 OP, said: “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. OPT is represented by the law firm of Dechert LLP.

Share this article

Follow Marine Energy


<< Sep 2019 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Offshore Energy Exhibition and Conference (OEEC) 2019

Offshore Energy Exhibition and Conference (OEEC) is where the energy transition takes place. It is Europe’s leading gathering of the entire offshore energy industry and your opportunity to network with highly qualified experts and professionals across global markets.

For more than 12 years OEEC is unique in bringing together the offshore energy industry sectors oil & gas, offshore wind and marine energy. More than 550 exhibitors from around the world present their newest services, projects and innovative products. On top of this OEEC presents international trade missions, pavilions, exclusive network lounges of the OEEC member club, the Startup Zone, matchmaking areas, the Stage and networking drinks. Approximately 12,000 professionals will visit the exhibition, take part in strategic discussions, immersive technical conference sessions focusing on the future and technical developments in the industry. Three days of networking and together shaping the future of energy.

So the question is not if but how you will be participating at Offshore Energy 2019.

More info

read more >

The International Tidal Energy Summit 2019

The 2019 International Tidal Energy Summit will bring together 120 dedicated tidal energy leaders.

read more >