UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY

In re:

OCEAN POWER TECHNOLOGIES,

Case No. 14-3799 (FLW) (LHG)

INC. SECURITIES LITIGATION

TO:

ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED OCEAN POWER TECHNOLOGIES, INC. (“OPT”) SECURITIES BETWEEN JANUARY 14, 2014 AND JULY 29, 2014, INCLUSIVE, AND/OR PURCHASED OR OTHERWISE ACQUIRED OPT SECURITIES PURSUANT TO AND/OR TRACEABLE TO OPT’S APRIL 4, 2014 FOLLOW-ON STOCK OFFERING (THE “CLASS”).

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure that a hearing will be held on November 14, 2016, at 10:00 a.m., before the Honorable Freda L. Wolfson, United States District Judge, at the Courthouse for the United States District Court, District of New Jersey, Courtroom 5E, Clarkson S. Fisher Building & U.S. Courthouse, 402 East State Street, Trenton, NJ 08608, for the purpose of determining, among other things, whether the following matters should be approved: (1) the proposed Settlement of the claims in the Action for the combined sum of $3,000,000 in cash and 380,000 shares of OPT common stock should be approved by the Court as fair, reasonable and adequate to the Members of the Class; (2) whether, thereafter, the Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Class Settlement dated as of May 5, 2016 (“Stipulation”); (3) whether the Plan of Allocation is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees and reimbursement of expenses incurred in connection with the  Action should be approved.

If you purchased or otherwise acquired OPT securities from January 14, 2014 through July 29, 2014, inclusive, and/or purchased or otherwise acquired OPT securities pursuant to and/or traceable to OPT’s April 4, 2014 follow-on stock offering, your rights may be affected by the settlement of this Class Action.  If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Ocean Power Technologies, Inc. Securities Litigation, Claims Administrator, P.O. Box 4259, Portland, OR 97208-4259.

If you are a member of the Class and wish to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim no later than October 31, 2016 establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any Judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, no later than October 31, 2016. Any objections to the Settlement, Plan of Allocation or attorneys’ fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than October 31, 2016.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class: Nicholas I. Porritt, Esq., Levi & Korsinsky LLP, 1101 30th Street, N.W., Suite 115, Washington, D.C. 20007, [email protected].

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK’S OFFICE, THE DEFENDANTS, OR DEFENDANTS’ COUNSEL.

If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

DATED: July 1, 2016

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
DISTRICT OF NEW JERSEY