NEW YORK, March 24, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Ormat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 1, 2021, before the market opened, Hindenburg Research ("Hindenburg") published a report entitled "Ormat: Dirty Dealings in 'Clean' Energy." According to the Hindenburg report, the Company "has engaged in what we believe to be widespread and systematic acts of intentional corruption," adding that it "expect[s] the blowback to these revelations to be severe, threatening Ormat's contracts in its most lucrative markets." In the report, Hindenburg claims to have "uncovered evidence tying Ormat to corruption with senior government officials" and "direct evidence tying Ormat to corruption with senior Guatemalan government officials", further noting that "Ormat paid contractors in Kenya tied to corrupt government officials."
On this news, Ormat's stock price fell $1.00 per share, or 1.1%, to close at $84.67 per share on March 1, 2021.
That same day, after the market closed, Ormat responded to the report and acknowledged that "[t]he Company is aware of claims being investigated in Israel regarding Ravit Barniv, an Ormat Board member, and Hezi Kattan, the Company's General Counsel and Chief Compliance Officer." Though the "claims involve Ms. Barniv's and Mr. Kattan's work at another company, prior to joining Ormat," the Company announced that it would "transfer the responsibility for the Company's compliance function to other members of the Ormat management team until these issues are resolved."
On this news, Ormat's stock price fell another $1.68 per share, or nearly 2%, to close at $82.99 per share on March 2, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP