RADNOR, Pa., March 18 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Nevada on behalf of purchasers of the securities of Ormat Technologies, Inc. ("Ormat" or the "Company") between May 7, 2008 and February 23, 2010, inclusive (the "Class Period"), including purchasers of the securities issued pursuant or traceable to the Company's public offering on or about May 9, 2008.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@btkmc.com.
The Complaint charges Ormat and certain of its officers and directors with violations of the Securities Act of 1933 and Securities Exchange Act of 1934. Ormat designs, develops, builds, owns and operates geothermal recovered energy-based power plants, and sells electricity and equipment for geothermal and recovered energy-based electricity generation. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had improperly accounted for certain exploration and development costs associated with projects that it had determined were not economically feasible; (2) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
Prior to and throughout the Class Period, Ormat represented to investors that its financial statements were prepared and reported in accordance with GAAP. However, on February 24, 2010, the Company shocked investors when it disclosed that, following an SEC review, it had improperly accounted for certain exploration and development costs. Additionally, Ormat disclosed that because of the Company's improper accounting it would be necessary to restate its financial statements, and that these financial statements "should no longer be relied upon." The restatement's impact included a significant reduction in Ormat's net income for 2008 and 2009. Upon the release of this news, shares of the Company's stock fell $1.28 per share, or 3.9 percent, to close on February 24, 2010 at $31.90 per share, and further declined over the following two days to close on February 26, 2010, at $28.93 per share, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit http://www.btkmc.com/.
If you are a member of the class described above, you may, not later than May 10, 2010, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported 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.
CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at info@btkmc.com
Barroway Topaz Kessler Meltzer & Check, LLP
CONTACT: Darren J. Check, Esq. or David M. Promisloff, Esq., both of
Barroway Topaz Kessler Meltzer & Check, LLP, 1-888-299-7706 (toll free) or
+1-610-667-7706, info@btkmc.com
Web Site: http://www.btkmc.com/
