STEVENSON, Md., June 13, 2018 (GLOBE NEWSWIRE) — The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of Ormat Technologies, Inc. (NYSE:ORA) (“Ormat” or the “Company”) securities during the period between August 8, 2017 and May 15, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 10, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Ormat securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that there were errors in the income tax provision primarily relating to Ormat’s valuation allowance based on its ability to utilize foreign tax credits in the U.S. prior to their expiration, that Ormat netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted, that Ormat’s internal controls over financial reporting were ineffective during the Class Period, and that Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements.
According to the complaint, following a May 11, 2018 announcement that the Company was delaying the filing of its Quarterly Report for the period ended March 31, 2018 because management identified an error in the Company’s financial statement presentation of deferred income tax assets and deferred income tax liabilities that affected the Company’s balance sheets in previous reporting periods, and a May 16, 2018 announcement that the Company would restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements, the value of Ormat shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Ormat securities purchased on or after August 8, 2017, and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
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