Ormat Technologies, Inc. (NYSE: ORA)

DEFENDANT NAME: Ormat Technologies, Inc.
STOCK SYMBOL: NYSE: ORA
CASE NUMBER:
COURT: U.S. District Court for the District of Nevada
PRACTICE AREA: Investor Fraud
STATUS: Investigation
CLASS PERIOD: August 8, 2017 - May 15, 2018
LEAD PLAINTIFF DEADLINE: August 10, 2018
DATE FILED:
COURT LOCATION:
RELATED DOCUMENTS:
CONTACT:
510-725-3000 ORA@hbsslaw.com

Hagens Berman Sobol Shapiro LLP reminds investors in Ormat Technologies, Inc. (NYSE: ORA) of the August 10, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Nevada.

If you purchased or otherwise acquired shares of ORA between August 8, 2017 and May 15, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP.  For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing ORA@hbsslaw.com.

On March 1, 2018, Defendants announced Ormat would not timely file its annual report for its fiscal year ended December 31, 2017 with the SEC and blamed the delay in part on continued review of certain income tax and financial reporting procedures.  This news drove the price of Ormat shares down $4.83, or almost 8%, to close at $57.65 per share that day.

On May 11, 2018, Defendants announced they would not timely file Ormat’s quarterly financial report for the quarter ended March 31, 2018 because management historically misstated the Company’s deferred income tax assets and liabilities.  This news drove the price of Ormat’s shares down $3.58 to close at $52.77 on May 14, 2018.

During the morning on May 16, 2018, Defendants announced Ormat (1) would restate its second, third and fourth quarter financial statements and its full-year 2017 financial statements, and (2) would further delay filing the quarterly report for the quarter ended March 31, 2018.  This news drove the price of Ormat shares down to close at $52.35 per share that day.

Then, on June 19, 2018 Defendants filed restated or revised financial statements for Ormat’s 2017 fiscal year and for its quarterly periods ended September 30, 2017 and June 30, 2017.

“We’re focused on investors’ losses, whether Ormat’s senior officers knowingly violated Generally Accepted Accounting Principles, and on whether insider selling by senior executives was improper,” said Hagens Berman partner Reed Kathrein.

Whistleblowers:  Persons with non-public information regarding ORA should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email ORA@hbsslaw.com.


Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.

Back to all cases

Contact:

Please fill out the form below and we will get back to you as soon as we can.
 
*
*
*
*
*
*
*
*
*
*
Upload your trade data *
File Upload *
Please Explain Your Potential Legal Claim *
*
*
 

Case videos

Case Gallery

Case Timeline

06/08/18: Investigation