The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against Ormat Technologies, Inc.
10 Março 2010 - 2:35PM
Business Wire
The Shuman Law Firm today announced that a class action lawsuit
has been commenced in the United States District Court for the
District of Nevada on behalf of a class consisting of all persons
or entities who purchased the securities of Ormat Technologies,
Inc. (“Ormat” or the “Company”) (NYSE:ORA) between May 6, 2008 and
February 24, 2010, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions
concerning this notice or your rights and interests with respect to
this matter, please contact Kip B. Shuman or Rusty E. Glenn
toll-free at 866-974-8626 or email Mr. Shuman at
kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
Ormat and its subsidiaries engage in the geothermal and
recovered energy power business in the United States and
internationally. The Company develops, builds, owns and operates
geothermal and recovered energy-based power plants, and sells
electricity and equipment for geothermal and recovered energy-based
electricity generation.
The Complaint charges Ormat and certain of the Company’s
executive officers with violations of federal securities laws. The
Complaint alleges that throughout the Class Period defendants knew
or recklessly disregarded that their public statements concerning
Ormat’s business, operations and prospects were materially false
and misleading. Specifically, it is alleged that defendants made
false and/or misleading statements and/or failed to disclose: (1)
that the Company was improperly continuing to capitalize costs for
individual projects after Ormat had decided to abandon further
exploration and development of individual projects instead of
expensing those costs in the period in which any such determination
was made; (2) that, as a result, the Company’s financial results
were overstated during the Class Period; (3) that the Company’s
financial results were not prepared in accordance with Generally
Accepted Accounting Principles (“GAAP”); (4) that the Company
lacked adequate internal and financial controls; and (5), as a
result of the above, that the Company’s financial statements were
materially false and misleading at all relevant times.
On February 24, 2010, Ormat disclosed that the Board of
Directors and Audit Committee of the Company, upon recommendation
of management, had concluded that the Company’s financial
statements for the year ended December 31, 2008 contained in its
Annual Report on Form 10-K for the year then ended require
restatement and should no longer be relied upon.
If you purchased Ormat common stock between May 6, 2008 and
February 24, 2010, you may request that the Court appoint you as
lead plaintiff of the Class no later than May 10, 2010. A lead
plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share
in any recovery is not affected by the decision whether or not to
seek appointment as a lead plaintiff, lead plaintiffs make
important decisions which could affect the overall recovery for
class members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and
shareholder derivative actions.
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