| Company: | Ormat Technologies, Inc. |
| Ticker Symbol: | ORA |
| Class Period: | May-6-08 to Feb-24-10 |
| Date Filed: | Mar-10-10 |
| Lead Plaintiff Deadline: | May-9-10 |
| Court: | District of Nevada |
| Allegations: | |
Ormat and its subsidiaries engage in the geothermal and recovered energy power business in the United States and internationally. The Company develops, builds, owns and operates geothermal and recovered energy-based power plants, and sells electricity and equipment for geothermal and recovered energy-based electricity generation. The Complaint charges Ormat and certain of the Company's executive officers with violations of federal securities laws. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Ormat's business, operations and prospects were materially false and misleading. Specifically, it is alleged that defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly continuing to capitalize costs for individual projects after Ormat had decided to abandon further exploration and development of individual projects instead of expensing those costs in the period in which any such determination was made; (2) that, as a result, the Company's financial results were overstated during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the above, that the Company's financial statements were materially false and misleading at all relevant times.
On February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee of the Company, upon recommendation of management, had concluded that the Company's financial statements for the year ended December 31, 2008 contained in its Annual Report on Form 10-K for the year then ended require restatement and should no longer be relied upon.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
