INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Ocean Power Technologies, Inc.

LOS ANGELES--(BUSINESS WIRE)--

Glancy Binkow & Goldberg LLP reminds of Ocean Power Technologies, Inc. (“Ocean Power Technologies” or the “Company”) OPTT that all purchasers of Ocean Power Technologies securities between January 14, 2014 and June 9, 2014, inclusive (the “Class Period”), have until August 12, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.

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 defendants may have misstated the nature and/or circumstances of an agreement between the Australian Renewable Energy Agency and Victorian Wave Partners Pty Ltd − a project-specific operating entity wholly-owned by the Company's subsidiary − related to a planned wave power station project off the coast of Australia. As a result, defendants' statements concerning the Victorian Wave Partners project, and positive statements about Ocean Power's business, operations and prospects, were materially false and misleading or lacked a reasonable basis.

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, and that the board of directors appointed a Special Committee to investigate the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency and related public statements concerning the project.

Then, on July 14, 2014, the Company disclosed that Victorian Wave Partners notified the Australian Renewable Energy Agency that the wave power station project would be terminated because Victorian Wave Partners' board of directors concluded the project was “no longer commercially viable.” Following this news, Ocean Power Technologies shares dropped nearly 23 percent in intraday trading on July 15, 2014.

If you are a member of the Class described above, you may move the Court no later than August 12, 2014, to serve as lead plaintiff; however, you must 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 Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (646) 539-8980, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

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