NEW YORK, June 13, 2018 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ormat securities between August 8, 2017 and May 15, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ora.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially 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; (3) Ormat's internal controls over financial reporting were ineffective; (4) Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and (5) as a result, defendants' statements about Ormat's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On May 11, 2018, Ormat disclosed that the Company was delaying the filing of its Quarterly Report for the period ended March 31, 2018 with the U.S. Securities and Exchange Commission, stating that "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 further 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." On this news, Ormat's share price fell $3.58, or over 6%, over two consecutive trading days to close at $52.77 on May 14, 2018.
Then, on May 16, 2018, Ormat announced that the Company "will restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements," and stated that "investors should no longer rely upon the Company's previously issued financial statements for [these] periods . . . , earnings releases for these periods, and other communications relating to these financial statements." On this news, Ormat's share price fell $0.67, or 1.26%, to close at $52.35 on May 16, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/ora or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ormat you have until August 10, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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