RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”) on behalf of investors who purchased the Company’s common stock between August 8, 2017 and May 15, 2018, inclusive (the “Class Period”).
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” 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.
Then, 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.”
Among other things, the shareholder class action complaint alleges that Ormat and certain other defendants made false and misleading statements and/or failed to disclose to investors that the Company’s financial statements contained material errors. The complaint further alleges that, as a result of the foregoing, investors purchased Ormat’s common stock at artificially inflated prices during the Class Period and suffered investment losses following the Company’s disclosures.
IMPORTANT DEADLINE: Investors who purchased Ormat common stock during the Class Period may, no later than August 10, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Ormat investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 for additional information or to discuss their legal rights and options. Ormat investors may also submit their information online at www.kaskelalaw.com/case/ormat.