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Oklahoma City, OK (June 12, 2018) – On June 11, 2018, a securities class action lawsuit was filed in the United States District Court for the District of Nevada against Ormat Technologies, Inc. (NYSE: ORA). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 8, 2017 through May 15, 2018. More specifically, this litigation was filed because defendants made false and/or misleading statements and/or failed to disclose that: (1) there were errors in the income tax provision primarily relating to Ormat’s valuation allowance based on its ability to utilize foreign tax credits in the U.S. prior to their expiration; (2) Ormat netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted pursuant to United States generally accepted accounting principles; (3) Ormat’s internal controls over financial reporting were ineffective; (4) Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and (5) as a result, defendants’ statements about Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On May 11, 2018, Ormat disclosed that the Company was delaying the filing of its Quarterly Report for the period ended March 31, 2018 with the U.S. Securities and Exchange Commission, stating that “management has identified an error in the Company’s financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the Company’s balance sheets in previous reporting periods.” Ormat further disclosed that “[t]he Company is evaluating the impact of this error on its consolidated financial statements and the extent to which the Company’s annual and quarterly consolidated financial statements filed in previous periods require revision or amendment.” On this news, Ormat’s share price fell $3.58, or over 6%, over two consecutive trading days to close at $52.77 on May 14, 2018.
Then, on May 16, 2018, Ormat announced that the Company “will restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements,” and stated that “investors should no longer rely upon the Company’s previously issued financial statements for [these] periods . . . , earnings releases for these periods, and other communications relating to these financial statements.” On this news, Ormat’s share price fell $0.67, or 1.26%, to close at $52.35 on May 16, 2018.
Plaintiff seeks to recover damages on behalf of all Ormat Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, August 10, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com