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Sneaky Corporation Has Set Up In Your Back Yard

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Ormat Technologies, Inc.

Aaron Wise

April 12, 2010 6:18 PM


Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of Nevada on behalf of a class (the “Class”) on behalf of all persons or entities who purchased Ormat Technologies, Inc. (“Ormat” or the “Company”) (NYSE: ORA) securities between May 6, 2008 and February 24, 2010, inclusive (the “Class Period”).

The complaint alleges that defendants knew or recklessly disregarded that their public statements were false and misleading while they improperly continued capitalizing costs for individual projects, even after Ormat had decided to discontinue exploration and development of individual projects. Since those costs were not expensed in the period in which that determination was made, the financial statements during the relevant time period were overstated. The complaint also alleges that the Ormat’s financial statements failed to meet the requirements of the Generally Accepted Accounting Principles and that the Company lacked adequate internal and financial controls.

On February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee had concluded that their financial statements for 2008, as well as prior related earnings and news releases related to the 2008 financial statements, should no longer be relied upon. Ormat indicated that they would be making a restatement to show a change in their accounting treatment for certain exploration and development costs. Upon review of their accounting processes in response to comment letters from the Staff of the SEC, Ormat determined that the analogous accounting method used for capitalizing costs on an area-of-interest basis was inappropriate. Ormat stated that they would revise the consolidated financial statements for the three and nine-month periods ended September 30, 2009. On this news, stock prices declined nearly 13% over the next three trading days, closing at $28.93 on February 26, 2010.

If you are a member of the class, you may, no later than May 10, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

For more information about the case, and your rights, visit: www.rmclasslaw.com/cases/ormat,

Read more: http://www.benzinga.com/press-releases/b219190/ryan-maniskas-llp-announces-class-action-lawsuit-against-ormat-technologies-i#ixzz3BgWpqRx1


Michael W. Hale

Contact info:

Big Island Auto Rental www.CarInHawaii.com

Vacation Rental www.HostelInHawaii.com

Aloha Business Consulting

Resume www.MichaelWHale.com

Featured site www.PahoaOnline.com

Kamehameha Parade

Celebrate King Kamehameha at the Royal Kona Resort on June 14th at 9am. More info at konaparade.org

photo from herbkanehawaii.com

Earth Day Hike and Picnic

7th graders of Kona Pacific Public Charter School are leading a 40 minute hike from 10am to 2pm, every 20 minutes, around 40 acres of private forest where the school is located. Then comes a farm-to-table picnic with local produce. $10 donation for hike, $20 for hike and picnic. April 12th. Call 808-989-3227 for more info.

photo from margaretbaxter.com

Hot Vinyasa at Yoga Hale Studio

Almost every day at 7:30 in the morning are Vinyasa classes at the Yoga Hale Studio, located at 75-5742 Kuakini Hwy (NW Corner of Kuakini and Hualalai) Unit A203. Sometimes in a heated room, sometimes not. For exact schedule and other information call 808-326-9642.

photo from eastsideyoganyc.com

Open Mic Thursdays

Humpy’s Big Island Alehouse starts up the open mic around 9pm every Thursday. Located downtown Kona at 75-5815 Alii Drive. For more info call 808-324-2337. Inline image 1

photo from society6.com

Ma’s Kava Shop

Enjoy some live music every Friday at Ma’s Kava Shop in Kealakekua. 6-10 pm. 79-7432 Mamalahoa Hwy. 808-322-2228
Inline image 1

photo from kavakingproducts.com

Need an Inexpensive Car Rental?

Big Island Auto Rentals has several to choose from, and can be waiting for you at the airport. Visit https://www.facebook.com/BigIslandAutoRental for more info.

photo by fodors.com

Looking for a Hostel?

Come to the jungle side of the Big Island and check out the Hale Hale Hostel in Leilani Estates, Pahoa. 808-936-6347Inline image 1

photo from the3foragers.blogspot.com

The Friends of the Libraries, Kona

Book sale from 9am to 1pm at the Kailua-Kona Library. Funds support the Kona libraries. For more info visit folkhawaii.com

photo from harvestbooks.com