The Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty by certain officers and directors at Ormat Technologies Inc. (“Ormat” or the “Company”) (NYSE: ORA).
The investigation concerns whether the Company's directors and officers caused the Company to issue materially false and/or misleading financial statements. These statements eventually resulted in the Company restating its financial results.
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 the 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.
If you currently own shares of Ormat and are interested in discussing your rights as an Ormat shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at 866-974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.