Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Ormat Technologies, Inc. to Inquire A
12 Março 2010 - 9:59PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Nevada on behalf of purchasers of the
securities of Ormat Technologies, Inc. ("Ormat" or the "Company")
(NYSE: ORA) during the period between May 6, 2008 and February 24,
2010, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than May 10, 2010 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek
damages or to serve as a Lead Plaintiff. You may contact Brower
Piven (through hoffman@browerpiven.com or 410/415-6616) to answer
any questions you may have in that regard.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company's financial
results were not prepared in accordance with Generally Accepted
Accounting Principles in 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, thus causing the Company's
financial results to be overstated during the Class Period.
According to the complaint, after the Company, on February 24,
2010, disclosed that the Board of Directors and Audit Committee of
the Company concluded that the Company's financial statements for
the year ended December 31, 2008 contained in its Annual Report
required restatement and could no longer be relied upon; that the
Company's prior related earnings and news releases and similar
communications should also no longer be relied on to the extent
they related to the 2008 Financial Statements; that the restatement
would show a change in the Company's accounting treatment for
certain exploration and development costs; that these costs were
capitalized inappropriately in certain respects; and that the
Company planned to revise its consolidated financial statements as
of and for the three- and nine-month periods ended September 30,
2009, the value of Ormat's stock declined significantly.
If you have suffered a net loss for all transactions in Ormat
Technologies, Inc. securities during the Class Period (including
shares or possibly calls purchased during, but not sold until after
the end of the Class Period or possibly put options sold but not
covered until after the end of the Class Period), you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024