The settlement includes all persons or entities who purchased or otherwise acquired Ocean Power Technologies Inc (NASDAQ: OPTT) securities between January 14, 2014 and July 29, 2014 and/or purchased or otherwise acquired NASDAQ: OPTT securities pursuant to and/or traceable to Ocean Power Technologies Inc (NASDAQ: OPTT) April 4, 2014 follow-on stock offering.

The settlement amount consists of:
- $3,000,000 in cash
- 380,000 shares of OPTT common stock.

June 28, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

November 15, 2016 - The court approved the settlement and the plan of allocation and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

November 14, 2016 - The court held a final settlement hearing.

June 7, 2016 - The court preliminarily approved the settlement.

May 5, 2016 - Parties filed a stipulation of settlement.

November 6, 2015 - More defendants filed motions to dismiss.

November 5, 2015 - Defendants filed a motion to dismiss.

October 9, 2015 - The lead plaintiff filed a third amended complaint.

September 3, 2015 - The lead plaintiff filed another amended complaint.

July 17, 2015 - Defendants filed a motion to dismiss.

May 18, 2015 - The lead plaintiff filed an amended complaint.

March 17, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 12, 2014 - Lead plaintiff motions were filed.

July 28, 2014 - Another investor filed a complaint on behalf of investors in Ocean Power Technologies Inc (NASDAQ: OPTT) common stock during the period between January 14, 2014 and July 14, 2014, including purchasers in Ocean Power Technologies Inc’s April 3, 2014 follow-on public stock offering.

June 13, 2014 - An investor in shares of Ocean Power Technologies Inc (NASDAQ: OPTT), filed a lawsuit in the U.S. District Court for the District of New Jersey against Ocean Power Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 14, 2014 and June 9, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Ocean Power Technologies Inc (NASDAQ: OPTT) common shares between January 14, 2014 and June 9, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The plaintiff claims 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 and that as a result, defendants' statements concerning the Victorian Wave Partners project, and positive statements about Ocean Power Technologies Inc's business, operations and prospects, were allegedly materially false and misleading or lacked a reasonable basis.

In 2009, Victoria Wave Partners Pty Ltd was founded to develop a wave generator project off the coast of Victoria, Australia. In 2012, Ocean Power Technologies acquired a 100% interest in Victoria Wave Partners Pty Ltd.

Ocean Power Technologies Inc reported that its while its Total Revenue declined from $6.69 million for the 12 months period that ended on April 30, 2011 to $3.62 million for the 12 months period that ended on April 30, 2013, its respective Net Loss declined from $20.44 million to $14.68 million.

Shares of Ocean Power Technologies Inc (NASDAQ: OPTT) declined from $5.83 per share in early 2011 to as low as $1.48 per share in April 2013.

Then in February 2014, NASDAQ: OPTT shares jumped from $2.24 per share on February 7, 2014, to $.64 per share on February 14, 2014. Since then NASDAQ: OPTT shares declined to $2.60 per share on June 9, 2014.

Then on June 10, 2014, Ocean Power Technologies Inc announced that on June 9, 2014, Charles F. Dunleavy was terminated, effective immediately, as the Chief Executive Officer of Ocean Power Technologies, Inc. and as an employee of Ocean Power Technologies Inc and its subsidiaries. Ocean Power Technologies Inc said that his termination was for cause, and Mr. Dunleavy will not receive any severance payments under his employment agreement with Ocean Power Technologies Inc.

Ocean Power Technologies Inc also said that on June 9, 2014, the Board of Directors appointed a Special Committee, composed of all outside directors of Ocean Power Technologies Inc, to conduct an internal investigation into the agreement between Victorian Wave Partners Pty Ltd and the Australian Renewable Energy Agency, and related public statements concerning the project.

Shares of Ocean Power Technologies Inc (NASDAQ: OPTT) closed on June 13, 2014, at $1.73 per share.