Bernstein Liebhard LLP Announces Filing of Action on Behalf of Investors in Ormat Technologies, Inc. (NYSE: ORA)
08 Abril 2010 - 11:57AM
Marketwired
Bernstein Liebhard LLP today announced that it has filed a class
action in the United States District Court for the District of
Nevada on behalf of purchasers (the "Class") of Ormat Technologies,
Inc. (NYSE: ORA) ("Ormat" or the "Company") common stock during the
period of May 6, 2008 and February 24, 2010, inclusive (the "Class
Period"). Defendants are Ormat, Yehudit Bronicki, and Joseph Tenne.
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 alleges Defendants violated the Securities
Exchange Act of 1934. 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, 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 (the "2008
Financial Statements") contained in its Annual Report on Form 10-K
required restatement and should no longer be relied upon, and
additionally, 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.
The Company also announced that the restatement would show a
change in the Company's accounting treatment for certain
exploration and development costs. According to Ormat, these costs
were capitalized on an area-of-interest basis using an accounting
method that is analogous to the full cost method, and upon review
of this accounting treatment in response to comment letters from
the Staff of the Securities and Exchange Commission, the Company
concluded that this accounting treatment was inappropriate in
certain respects. Ormat additionally indicated that the Company
planned to revise its consolidated financial statements as of and
for the three- and nine-month periods ended September 30, 2009.
As a result of this news, Ormat shares declined $1.28 per share,
or nearly 4%, to close on February 24, 2010, at $31.90 per share,
and further declined over the following two days to close on
February 26, 2010, at $28.93 per share, on heavy trading volume.
Over the course of these three days of trading, Ormat shares
declined a total of 12.81%, or $4.25 per share.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased or otherwise acquired shares of Ormat during
the Class Period. If you purchased or otherwise acquired Ormat
shares during the Class Period, and either lost money on the
transaction or still hold the shares, you may wish to join in the
action to serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file
appropriate papers no later than May 10, 2010.
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 Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
Bernstein Liebhard has pursued hundreds of securities and
consumer cases and recovered approximately $2 billion for its
clients. It has been named to The National Law Journal's
"Plaintiffs' Hot List" in each of the last seven years.
You can obtain a copy of the complaint at www.bernlieb.com or
from the clerk of the court for the United States District Court
for the District of Nevada.
Bernstein Liebhard LLP 10 East 40th Street New York, New York
10016 (877) 779-1414 www.bernlieb.com
ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414.
Prior results do not guarantee or predict a similar outcome with
respect to any future matter.
Contact Information U. Seth Ottensoser Joseph R. Seidman, Jr.
Bernstein Liebhard LLP http://www.bernlieb.com (212) 779-1414
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