NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims against Ormat Technologies, Inc. (NYSE: ORA). Our investigation concerns whether Ormat has violated the federal securities laws and/or engaged in other unlawful business practices.
On May 11, 2018, Ormat disclosed that the Company would delay the filing of its Quarterly Report for the period ended March 31, 2018, stating that "management has identified 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 Ormat fell $3.42 per share, or over 6%, to close at $52.77 on May 14, 2018.
Then, on May 16, 2018, Ormat announced that it will restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements. They further announced 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. In addition, the Company is further delaying the filing of the quarterly report on Form 10-Q for its first quarter of 2018 with the Securities and Exchange Commission.
Following this news, shares of Ormat have fallen in intraday trading.
If you purchased or otherwise acquired Ormat shares and suffered a loss, continue to hold shares, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Ormat Technologies, Inc., please go to http://www.bespc.com/ora. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.