Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Ormat Technologies, Inc.
(NYSE: ORA) have filed a class action complaint against the company’s
officers and directors for alleged violations of the Securities Exchange
Act of 1934 between August 8, 2017 and May 15, 2018. Ormat engages in
the geothermal and recovered energy power business worldwide.
View this information on the law firm’s Shareholder Rights Blog: www.robbinsarroyo.com/ormat-technologies-inc-june-2018
Ormat Accused of Implementing Ineffective Internal Controls Over
According to the complaint, throughout the class period Ormat repeatedly
represented that its disclosure controls and procedures were effective
and attested to the accuracy of financial reporting. It therefore came
as a surprise to investors when Ormat disclosed on May 11, 2018, that
the company would delay the filing of its Form 10-Q for the period ended
March 31, 2018, citing an error in the company’s financial presentation
of deferred income tax assets and liabilities that affects the company’s
balance sheet in previous reporting periods. Then, on May 16, 2018,
Ormat announced that it would restate its second, third, and fourth
quarter 2017 financial statements and its full-year 2017 financial
statements. Since news of Ormat’s financial reporting troubles were made
public, Ormat’s stock fell over 7% to close at $52.35 per share on May
Ormat Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180615005853/en/