NEW YORK, May 16, 2018 /PRNewswire/ -- Bernstein Liebhard
LLP is investigating potential securities fraud claims on behalf of shareholders of Ormat Technologies, Inc. ("Ormat" or the
"Company") (NYSE: ORA). If you purchased Ormat securities, and/or have information relating to this matter, please visit our
ORMAT SHAREHOLDER PAGE or
contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
On May 11, 2018, Ormat disclosed that its delaying the filing of its Quarterly Report for the
period ended March 31, 2018 with the SEC because "management has identified an error in the
Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the
Company's balance sheets in previous reporting periods." Ormat further disclosed that "[t]he Company is evaluating the impact of
this error on its consolidated financial statements and the extent to which the Company's annual and quarterly consolidated
financial statements filed in previous periods require revision or amendment."
On this news, Ormat's stock fell $3.58 per share, or over 6%, over two consecutive trading days
to close at $52.77 per share on May 14, 2018.
Then, on May 16, 2018, Ormat revealed that "it will restate its second, third and fourth quarter
2017 financial statements and its full-year 2017 financial statements," and therefore, "investors should no longer rely upon the
Company's previously issued financial statements for the periods set forth above, earnings releases for these periods, and other
communications relating to these financial statements."
On this news, Ormat's stock fell sharply during premarket trading on May 16, 2018.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition
to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the
country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed
in The Legal 500 for ten consecutive years.
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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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SOURCE Bernstein Liebhard LLP