On January 25, 2024, Paragon Technologies, Inc. announced that it is urging Ocean Power Technologies, Inc. (OPT) shareholders to evaluate the Company?s history of dishonesty and support Paragon?s proxy card. Paragon accused the Company's board of engaging in a shameless campaign of entrenchment, failing to conduct a fair annual meeting, and misleading shareholders about OPT's financial condition. Paragon stated that despite the Company's promises of future profitability, the market has lost faith, with the stock plummeting almost 90% under the current board and CEO.

Paragon also stated that the Company plans further shareholder dilution and increased management stock awards, signaling a lack of accountability. Paragon warned that that without board-level change, the Company's decline may persist, regardless of positive announcements. In addition, Paragon expressed that the market has lost trust in the Company's management and business strategy.