ORMAT INVESTOR ALERT: Kaskela Law Announces Shareholder Class Action Lawsuit Filed Against Ormat Technologies, Inc. & Importa...
11 Junho 2018 - 8:54PM
Business Wire
Kaskela Law LLC announces that a shareholder class action
lawsuit has been filed against Ormat Technologies, Inc. (NYSE: ORA)
(“Ormat” or the “Company”) on behalf of investors who purchased the
Company’s common stock between August 8, 2017 and May 15,
2018, inclusive (the “Class Period”).
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.”
Among other things, the shareholder class action complaint
alleges that Ormat and certain other defendants made false and
misleading statements and/or failed to disclose to investors that
the Company’s financial statements contained material errors. The
complaint further alleges that, as a result of the foregoing,
investors purchased Ormat’s common stock at artificially inflated
prices during the Class Period and suffered investment losses
following the Company’s disclosures.
IMPORTANT DEADLINE: Investors who purchased Ormat common
stock during the Class Period may, no
later than August 10, 2018, seek to be appointed as a
lead plaintiff representative of the investor class. Ormat
investors are encouraged to contact Kaskela Law LLC (D. Seamus
Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 for
additional information or to discuss their legal rights and
options. Ormat investors may also submit their information online
at www.kaskelalaw.com/case/ormat.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180611006311/en/
Kaskela Law LLCD. Seamus Kaskela, Esq.201 King of Prussia
RoadSuite 650Radnor, PA
19087484-258–1585888-715–1740www.kaskelalaw.cominfo@kaskelalaw.com
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