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 shareholder derivative complaint against the company's officers and directors for breaches of fiduciary duties beginning August 8, 2017 and continuing through the present. Ormat is engaged in the geothermal and recovered energy power business.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/ormat-technologies-sept-2018/
Ormat Technologies Had Material Weaknesses in Its Internal Control Over Financial Reporting
According to the complaint, Ormat first revealed on March 16, 2018, that its disclosure controls and procedures were not effective as of December 31, 2017 due to a material weakness in its internal control over financial reporting. Ormat further reported that it had not performed an effective risk assessment related to its internal controls over accounting for income taxes. On May 11, 2018, Ormat disclosed that it was delaying the filing of its Quarterly Report for the period ended March 31, 2018 with the Securities and Exchange Commission due to "error[s] 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. Then, on May 16, 2018, Ormat revealed it will restate its second, third, and fourth quarter 2017 financial statements and its full year 2017 statements and that its previously issued financial statements for these periods should not be relied upon. Each of these disclosures resulted in a decrease of Ormat's stock price to the detriment of shareholders.
Ormat Technologies 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. Sign up for our FREE portfolio monitoring service, Stock Watch.
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