NEW YORK, June 13, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA). Investors who purchased shares of Ormat securities between August 8, 2017 and May 15, 2018 (the "Class Period") may be affected.
On May 11, 2018, Ormat disclosed that the Company is delaying the filing of its quarterly report for the period ended March 31, 2018 with the SEC because "management has 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." Ormat also disclosed that "[t]he Company is evaluating the impact of this error on its consolidated financial statements and the extent to which the Company's annual and quarterly consolidated financial statements filed in previous periods require revision or amendment."
Following this news, Ormat's stock price fell $3.58 per share, more than 6%, over two trading days to close at $52.77 per share on May 14, 2018.
Then, on May 16, 2018, Ormat announced that "it will 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."
Following this news, Ormat's stock price fell $0.67 per share, about 1.3%, from its previous closing price to close at $52.35 per share on May 16, 2018.
A class action complaint has been filed in the United States District Court for the District of Nevada against Ormat, its CEO and its CFO alleging that throughout the Class Period the defendants made false and/or misleading statements and or failed to disclose that (1) 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, (2) Ormat netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted pursuant to United States generally accepted accounting principles (GAAP), (3) Ormat's internal controls over financial reporting were ineffective during the Class Period, (4) due to the foregoing, Ormat would need to restate its second, third and fourth quarter 2017 financial statements, and (5) as a result, defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
If you are a member of the proposed Class, you may move the court no later than August 10, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP