Shareholder Class Action Filed Against Ormat Technologies, Inc. By The Law Firm Of Barroway Topaz Kessler Meltzer & Check, LLP
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. (NYSE: ORA) ("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 firstname.lastname@example.org.
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.
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