NEW YORK, NY / ACCESSWIRE / June 23, 2018 / Pomerantz LLP is investigating claims on behalf of investors of 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. 9980.
The investigation concerns whether Ormat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 11, 2018, Ormat disclosed that the Company was delaying the filing of its Quarterly Report for the period ended March 31, 2018 with the U.S. Securities and Exchange Commission, stating that ''management has identified an error in the Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affect the Company's balance sheets in previous reporting periods.'' Ormat further disclosed that ''[t]he Company is evaluating the impact of this error on its consolidated financial statements and the extent to which the Company's annual and quarterly consolidated financial statements filed in previous periods require revision or amendment.'' On this news, Ormat's share price fell $3.58, or over 6%, over two consecutive trading days to close at $52.77 on May 14, 2018. Then, on May 16, 2018, Ormat announced that the Company ''will restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements,''and stated that ''investors should no longer rely upon the Company's previously issued financial statements for [these] periods . . . , earnings releases for these periods, and other communications relating to these financial statements.'' On this news, Ormat's share price fell $0.67, or 1.26%, to close at $52.35 on May 16, 2018.
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.
SOURCE: Pomerantz LLP