Last $1.59 USD
Change Today 0.00 / 0.00%
Volume 81.3K
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As of 8:10 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

ocean power technologies inc (OPTT) Snapshot

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52 Week High
03/11/14 - $7.01
52 Week Low
07/25/13 - $1.51
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Average Volume 10 Days
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ocean power technologies inc (OPTT) Details

Ocean Power Technologies, Inc. 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. It offers utility PowerBuoy system to supply electricity to a local or regional electric power grid; and autonomous PowerBuoy system that is designed to generate power for use independent of the power grid in remote locations. The company sells its products to public utilities, independent power producers, and other governmental entities and agencies, as well as public and private entities that use electricity in and near the ocean. Ocean Power Technologies, Inc. was incorporated in 1984 and is headquartered in Pennington, New Jersey.

34 Employees
Last Reported Date: 07/12/13
Founded in 1984

ocean power technologies inc (OPTT) Top Compensated Officers

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ocean power technologies inc (OPTT) Key Developments

Ocean Power Technologies, Inc. Promotes David R. Heinz as Chief Operating Officer

Ocean Power Technologies, Inc. announced that on June 18, 2014, David R. Heinz was promoted to the position of Chief Operating Officer of the company. Mr. Heinz had previously held the position of Vice President, Autonomous Power since joining the company on January 13, 2014. Prior to joining the company, from September 2010 to October 2012, Mr. Heinz led a group of engineering, sales and manufacturing teams at iRobot Corporation.

Glancy Binkow & Goldberg LLP Files Class Action Lawsuit in the United States District Court Representing Investors of Ocean Power Technologies, Inc

Glancy Binkow & Goldberg LLP, representing investors of Ocean Power Technologies, Inc., has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of a class comprising all purchasers of Ocean Power Technologies securities between January 14, 2014 and June 9, 2014, inclusive. 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.

Ocean Power Technologies, Inc. Announces Management Changes

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 the company and its subsidiaries. David L. Keller, age 60, who has served as a Non-Executive Director of the company since October 2013, has assumed the position of Interim Chief Executive Officer, effective immediately. Mr. Keller will continue to serve on the board of directors. Mr. Keller previously served as an independent director of ThermoEnergy, Inc. from April 2013 to May 2014 and as President, Chief Executive Officer, and Director of Global Power Equipment Group Inc. from September 2009 until June 2012.


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