Robbins Umeda LLP Announces Investigation of Ormat Technologies, Inc.
16 Abril 2010 - 2:45PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of the law by
certain officers and directors at Ormat Technologies Inc. ("Ormat"
or the "Company") (NYSE: ORA). Ormat engages in the geothermal and
recovered energy power generation in the United States and
internationally. The Company is headquartered in Reno, Nevada.
Robbins Umeda LLP's investigation concerns whether the Company's
directors and officers caused the Company to make improper
financial statements, which eventually resulted in the Company
restating its financial results.
Specifically, on February 24, 2010, Ormat disclosed that the
Board of Directors and Audit Committee of the Company, upon
recommendation of management and after discussions with U.S.
Securities and Exchange Commission, had concluded that the
Company's financial statements for the year ended December 31, 2008
required restatement and should no longer be relied upon. The
Company restated its results because it improperly capitalized
costs incurred in connection with the exploration and development
of certain properties that it did not plan to develop. Upon this
news, the price of Ormat stock declined more than 12.81% over the
three days following the disclosure of this announcement.
A lawsuit alleging violations of the Securities Exchange Act of
1934 has been filed on behalf of shareholders who purchased or
otherwise acquired Ormat stock between May 6, 2008 and February 24,
2010, against the Company and certain of its officers. Securities
class actions like this can potentially cause additional damage to
the Company.
If you purchased your Ormat stock prior to May 6, 2008, continue
to hold your shares, and would like more information about your
rights as a shareholder, please contact attorney Lauren Levi at
800-350-6003 or by e-mail at llevi@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm, which has
significant experience representing investors in shareholder
derivative actions, securities fraud class actions, and
merger-related shareholder class actions. For more information
about the firm, please go to http://www.robbinsumeda.com.
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