Dallas, Texas 07/23/2014 (FINANCIALSTRENDS) – Ocean Power Technologies Inc (NASDAQ:OPTT) the NJ-based commercial renewable energy provided is now under investigations by a law firm.
Investigations by The Young Law Firm, headed by Henry Young, on behalf of shareholders, will relate to ‘fiduciary duties’ breached by the Ocean-power harnesser’s
Board of Director. In particular the issues deal with operations of the company in Australia.
The current investigations are in progress to establish if the Board of Directors breached their duties with relation to one particular company – Victorian Wave Partners Pty Ltd.
The investigations have resulted in speculation, as analysts recommend the timing of sale of shares of OPTT.
Ocean Power Technologies Inc (NASDAQ:OPTT) is currently engaged in commercial activities of renewable energy by deploying advanced technology called as PowerBuoy systems. These convert the mechanical energy of the oceans created by the rise and fall of the waves to electrical energy. The country has been successful in its venture through more customization of the PowerBuoy products. It offers the system in two categories – Utility PowerBuoy System and the second the Autonomous PowerBuoy system. The former system provides electricity directly to a grid which services a particular region or area. The second is a system developed to generate electricity where there is no local grid, such as remote locations.
Additional suits include the suit raised by Robbins Geller Rudman& Dowd LLP – a class suit action- to fight Ocean Power Technologies, Inc. The violation by the company is with relation to federal securities law. The announcement noted that there were four other investigations concurrently into Ocean Power Technologies Inc (NASDAQ:OPTT) operations and Board of Director activities.
As renewable energy use factors increase, OPTT has definitely set the course of action on the technology front. It now needs to spruce up the management aspect to ensure high standards of operations.