OPT faces investigation

OPT's PowerBuoy (Photo: OPT)

An investigation on behalf of investors in the US-based wave energy developer Ocean Power Technologies (OPT) over the potential wrongdoings within the company has been launched.

Purcell Julie & Lefkowitz, a class action law firm dedicated to representing shareholders, is investigating the potential breaches of fiduciary duties by certain officers and directors of OPT.

The shareholders of OPT who are interested in obtaining additional information regarding the investigation are welcomed to request it from Purcell Julie & Lefkowitz.

OPT is developing and seeking to commercialize its wave energy systems designed for remote offshore applications.

The company reported that its total revenue declined from $4.11 million for the 12 months period that ended on April 30, 2015, to $0.70 million for the same period in 2016.

Shares of OPT declined from $13.92 per share in July 2016 to $1.30 per share in early May 2017, according to the Shareholders Foundation.

To remind, OPT recently raised over $7 million through the underwritten public share sale.

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