Ocean Power Technologies Inc. announced March 15 that it is poised to receive court approval for a settlement to resolve a lawsuit filed three years ago against the company.
On March 9, the U.S. District Court in New Jersey gave a preliminary approval to a proposed settlement of a consolidated derivative lawsuit filed against Ocean Power in March 2015, related to a terminated agreement between a subsidiary of the company and an Australian government entity.
According to a March 15 news release, the settlement, subject to final approval of the court May 14, will resolve all of the claims alleged in the lawsuit without any admission or concession of wrongdoing or liability by Ocean Power or the other defendants.
The court also approved Ocean Power's proposed notice of the settlement to its shareholders.
"The proposed settlement of the derivative lawsuit is another significant step for [Ocean Power] to resolve legacy issues and better positions the Company for future growth," Ocean Power President and CEO George Kirby said in the news release.
