The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Ormat Technologies, Inc. ("Ormat" or "the Company") ORA for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between August 8, 2017 and May 15, 2018, inclusive (the "Class Period"), are encouraged to contact the firm before August 10, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, Ormat made false and misleading statements to the market throughout the class period. The Company failed to disclose error on its income tax provision relating to usage of foreign tax credits before they expired. Ormat netted deferred income tax assets and liabilities across different tax jurisdictions, which is not allowed by GAAP guidelines. The complaint also alleges that Ormat's internal controls were not effective. As a result, the Company would be required to restate its financial results for the second, third, and fourth quarter of 2017 as well as the 2017 full-year financial statement. The lawsuit states that Ormat's public statements were false and misleading based on the facts of the case. When the market learned the true details about the Company, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180807005895/en/
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