Ocean Power Board Battle Widens With New Lawsuit by Paragon

Paragon Technologies Inc. sued Ocean Power Technologies Inc. on Friday, seeking to force the offshore energy company to redo its annual meeting so shareholders can vote on the investment conglomerates director candidates.

The lawsuit, filed in Delaware, seeks a court order invalidating the results of the company’s most recent meeting, in February, which Paragon says it boycotted over claims that Ocean Power’s corporate leaders were trying to rig the proxy contest. Thanks to the boycott—"a course of action well-known to candidates opposing despotic regimes"—the meeting lacked a quorum, according to the court petition.

The case—the second brought by Paragon in ...