RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC is investigating Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”) on behalf of the Company’s investors.
Ormat investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esquire) at (484) 258 – 1585 or (888) 715 – 1740, or via email at email@example.com, to discuss this investigation and their legal rights and options. Additional information about this investigation may also be found at www.kaskelalaw.com/case/ormat.
On May 11, 2018, Ormat reported to the U.S. 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 (the ‘Q1 Form 10-Q’) within the prescribed time period” because management had “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 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.
Then, on May 16, 2018, Ormat disclosed that it would “restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements.” Additionally, Ormat cautioned 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.”
Ormat investors are encouraged to contact Kaskela Law LLC to discuss this investigation and their legal rights and options. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.