Robbins Umeda LLP Announces Investigation Of Ormat Technologies, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Ormat Technologies Inc. ("Ormat" or the "Company") (NYSE: ORA). Ormat engages in the geothermal and recovered energy power generation in the United States and internationally. The Company is headquartered in Reno, Nevada.
Robbins Umeda LLP's investigation concerns whether the Company's directors and officers caused the Company to make improper financial statements, which eventually resulted in the Company restating its financial results.
Specifically, on February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee of the Company, upon recommendation of management and after discussions with U.S. Securities and Exchange Commission, had concluded that the Company's financial statements for the year ended December 31, 2008 required restatement and should no longer be relied upon. The Company restated its results because it improperly capitalized costs incurred in connection with the exploration and development of certain properties that it did not plan to develop. Upon this news, the price of Ormat stock declined more than 12.81% over the three days following the disclosure of this announcement.
A lawsuit alleging violations of the Securities Exchange Act of 1934 has been filed on behalf of shareholders who purchased or otherwise acquired Ormat stock between May 6, 2008 and February 24, 2010, against the Company and certain of its officers. Securities class actions like this can potentially cause additional damage to the Company.If you purchased your Ormat stock prior to May 6, 2008, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at firstname.lastname@example.org. Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV