NEW YORK, June 19, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of all persons or entities who purchased or otherwise acquired securities of Ormat Technologies, Inc. (NYSE:ORA) ("Ormat" or the "Company") common shares between August 8, 2017 and May 15, 2018, inclusive (the "Class Period").
Investors who have incurred losses in shares of Ormat Technologies, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Ormat Technologies, Inc, you may, no later than August 10, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ormat Technologies, Inc.
Ormat engages in the geothermal and recovered energy power business worldwide.
The filed Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that:
- 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;
- 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;
- Ormat's internal controls over financial reporting were ineffective;
- Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and
- 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.
On May 11, 2018, Ormat reported to the United States Securities and Exchange Commission ("SEC") that it was "not able to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018" due to "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."
Following this news, shares of the Company's stock fell $3.42 per share, or over 6%, to close on May 14, 2018 at $52.77, on heavy trading volume.
Subsequently, on May 16, 2018, Ormat's common stock further declined after the Company disclosed that it would "restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements," and that "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."
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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