Recent Securities Litigations
Ormat Technologies Inc. Common Stock (NYSE: ORA)
According to the Complaint, Ormat Technologies Inc. ("Ormat") engages in the geothermal and recovered energy power business worldwide.
The Complaint alleges that throughout the Class Period, 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 during the Class Period; (4) due to the foregoing, 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 the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 12, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 13, 2019. Defendants filed a Motion to Dismiss the amended Complaint on July 12. On December 6, the Court issued an Order denying Defendants' Motion to Dismiss.
On June 10, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 3.