NEW YORK, June 13, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ormat Technologies, Inc. (“Ormat” or the “Company”) (NYSE:ORA) in the United States District Court for the District of Nevada on behalf of a class consisting of investors who purchased or otherwise acquired Ormat securities on the open market from August 8, 2017 and May 15, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the August 10, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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