Ormat Technologies, Inc. (NYSE: ORA)
Hagens Berman Sobol Shapiro LLP alerts investors in Ormat Technologies, Inc. (NYSE: ORA) to 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 on (1) continued review of certain income tax and financial reporting procedures, and (2) management’s identification of material weaknesses in Ormat’s risk assessment of its accounting for income taxes.
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. They admitted 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.
“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.
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