Portland energy project at centre of legal action over wave claims

THE world’s largest wave energy project in Portland is at the centre of a class action lawsuit in the United States over claims the company’s share price has been artificially inflated. 

Two investor class actions in the United States allege company statements about the Portland project have artificially inflated share prices in Ocean Power Technologies (OPT). 

The company comments have allegedly come out of OPT’s deal with Victorian Wave Partners and the Australian Renewable Energy Agency (ARENA) which has awarded the companies $66.4 million over three years to complete the south-west project. 

The board of OPT has appointed a special committee to investigate the agreement between Victorian Wave Partners and ARENA.  In a shareholder alert — American law firm Levi and Korsinsky announced it had filed a class action lawsuit in the District Court of New Jersey on behalf of OPT investors. 

It’s claimed between June 9 and June 16, shares in the company fell from $2.47 per share to $1.70 per share. 

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