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.