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 tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
