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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

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