Safirstein Metcalf LLP announces that a class action has been filed against Ormat Technologies, Inc. (NYSE:ORA) (“Ormat” or the “Company”) on behalf of investors who purchased the Company’s common stock between August 8, 2017 and May 15, 2018, inclusive (the “Class Period”).
If you purchased Ormat shares during the Class Period and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
On May 11, 2018, Ormat reported to the U.S. Securities and Exchange Commission (“SEC”) that it was “not able to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018” due to “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.” Following this news, shares of the Company’s stock fell $3.42 per share, or over 6%, to close on May 14, 2018 at $52.77, on heavy trading volume.
Then, on May 16, 2018, Ormat’s common stock further declined after the Company disclosed that it would “restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements,” and that “investors should no longer rely upon the Company’s previously issued financial statements for the periods set forth above, earnings releases for these periods, and other communications relating to these financial statements.”
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.