NEW YORK, June 11, 2018 /PRNewswire/ -- Bernstein
Liebhard LLP has filed a securities class action lawsuit on behalf
of those who purchased or acquired the securities of Ormat
Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA) between
August 8, 2017 and May 15, 2018, both dates inclusive (the "Class
Period"). The lawsuit seeks to recover Ormat shareholders'
investment losses.
To join the Ormat class action, and/or if you have information
relating to this matter, please visit our ORMAT SHAREHOLDER PAGE or
contact Daniel Sadeh toll free at
(877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period
Defendants' made false and/or misleading statements and/or failed
to disclose that: (1) there were errors in the income tax provision
primarily relating to Ormat's valuation allowance based on its
ability to utilize foreign tax credits in the U.S. prior to their
expiration; (2) Ormat netted certain deferred income tax assets and
deferred income tax liabilities across different tax jurisdictions
that are not permitted to be netted pursuant to United States generally accepted accounting
principles; (3) Ormat's internal controls over financial reporting
were ineffective during the Class Period; (4) due to the foregoing,
Ormat would need to restate its second, third and fourth quarter
2017 financial statements and its full-year 2017 financial
statements; and (5) as a result, Defendants' statements about the
Company's business, operations and prospects were materially false
and misleading and/or lacked a reasonable bases at all relevant
times.
On May 11, 2018, Ormat disclosed
that its delaying the filing of its Quarterly Report for the period
ended March 31, 2018 with the SEC
because "management has identified 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." Ormat further disclosed that
"[t]he Company is evaluating the impact of this error on its
consolidated financial statements and the extent to which the
Company's annual and quarterly consolidated financial statements
filed in previous periods require revision or amendment."
On this news, Ormat's stock fell $3.58 per share, or over 6%, over two consecutive
trading days to close at $52.77 per
share on May 14, 2018, damaging
investors.
Then, on May 16, 2018, Ormat
revealed that "it will restate its second, third and fourth quarter
2017 financial statements and its full-year 2017 financial
statements," and therefore, "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."
On this news, Ormat's stock fell $0.67 per share from its previous closing price
to close at $52.35 per share on
May 16, 2018, damaging investors.
The class action is pending in the
United States District Court for the District of
Nevada, under docket number
3:18-cv-00271. If you wish to serve as lead plaintiff, you must
move the Court no later than August 10,
2018. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. Your
ability to share in any recovery doesn't require that you serve as
lead plaintiff. If you choose to take no action, you may remain an
absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in
The Legal 500 for ten consecutive years.
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10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
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Connecticut is Michael S. Bigin. Prior results do not
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matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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SOURCE Bernstein Liebhard LLP