RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”) common shares between August 8, 2017 and May 15, 2018, inclusive (the “Class Period”).
Ormat shareholders may, no later than August 10, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Ormat and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Ormat engages in the geothermal and recovered energy power business worldwide.
The Complaint alleges that Defendants made materially 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 reported to the U.S. Securities and Exchange Commission (“SEC”) that it was “not able to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018” due to “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.” Following this news, shares of the Company’s stock fell $3.42 per share, or over 6%, to close on May 14, 2018 at $52.77, on heavy trading volume.
Then, on May 16, 2018, Ormat’s common stock further declined after the Company disclosed that it would “restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements,” and that “investors should no longer rely upon the Company’s previously issued financial statements for the periods set forth above, earnings releases for these periods, and other communications relating to these financial statements.”
If you are a member of the class, you may, no later than August 10, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.