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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ormat Technologies, Inc. (NYSE: ORA) who purchased shares between August 8, 2017 and May 15, 2018. The action, which was filed in the United States District Court for the District of Nevada, alleges that the Company violated federal securities laws.
In particular, the ORA lawsuit alleges that (1) there were errors in the income tax provision primarily relating to Ormat’s valuation allowance based on its ability to utilize foreign tax credits in the U.S. prior to their expiration; (2) Ormat netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted pursuant to United States generally accepted accounting principles; (3) Ormat’s internal controls over financial reporting were ineffective; (4) Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and (5) as a result, defendants’ statements about Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
Shareholders have until August 8, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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