SAN FRANCISCO, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Ormat
Technologies, Inc. (NYSE:ORA) of the August 10, 2018 securities class action Lead Plaintiff deadline. If you
purchased or otherwise acquired Ormat securities between August 8, 2017 and May 15, 2018 and suffered losses
contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/ORA \
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
ORA@hbsslaw.com.
On March 1, 2018, Defendants announced Ormat would not timely file its annual report for its fiscal year ended December 31, 2017
with the SEC and blamed the delay in part on continued review of certain income tax and financial reporting procedures. This
news drove the price of Ormat shares down $4.83, or almost 8%, to close at $57.65 per share that day.
On May 11, 2018, Defendants announced they would not timely file Ormat’s quarterly financial report for the quarter ended March
31, 2018 because management historically misstated the Company’s deferred income tax assets and liabilities. This news drove
the price of Ormat’s shares down $3.58 to close at $52.77 on May 14, 2018.
During the morning on May 16, 2018, Defendants announced Ormat (1) would restate its second, third and fourth quarter financial
statements and its full-year 2017 financial statements, and (2) would further delay filing the quarterly report for the quarter
ended March 31, 2018. This news drove the price of Ormat shares down to close at $52.35 per share that day.
Then, on June 19, 2018 Defendants filed restated or revised financial statements for Ormat’s 2017 fiscal year and for its
quarterly periods ended September 30, 2017 and June 30, 2017.
“We’re focused on investors’ losses, whether Ormat’s senior officers knowingly violated Generally Accepted Accounting
Principles, and on whether insider selling by senior executives was improper,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ormat should consider their options to help
in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide
original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at 510-725-3000 or email ORA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across
the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the
firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
