SAN DIEGO & RENO, Nev.--(BUSINESS WIRE)--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 Financial Reporting
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 16, 2018.
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.
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