Cases
Ormat Technologies, Inc. (ORA)
Securities Class Action
Overview
Overview
- Date:
- 6/12/2018
- Company Name:
- Ormat Technologies, Inc.
- Stock Symbol:
- ORA
- Class Period:
- FROM 8/8/2017 TO 4/15/2018
- Status:
- Closed/Complete
- Court:
- U.S. Distrtict Court: Nevada
NEW YORK, June 12, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of all persons or entities who purchased or otherwise acquired Ormat Technologies, Inc. (NYSE: ORA) between August 8, 2017 and April 15, 2018 (the “Class Period”). Investors have until August 10, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that 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 violated United States generally accepted accounting principles; (3) Ormat’s internal controls over financial reporting were ineffective; (4) 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 Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. The complaint claims that when the truth was revealed to the market, investors suffered damages.
If you purchased Ormat Technologies securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that 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 violated United States generally accepted accounting principles; (3) Ormat’s internal controls over financial reporting were ineffective; (4) 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 Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. The complaint claims that when the truth was revealed to the market, investors suffered damages.
If you purchased Ormat Technologies securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.