According to the Complaint, the Company reported the completion of a new geothermal power plant in Beaver County, Utah called “Thermo No. 1" in 2008.
The Complaint alleges that due to an insufficient output level, Thermo No. 1 plant was impaired and the carrying value of the Thermo No. 1 plant was required to be written down by a charge to earnings as of year-end 2009 for accounting purposes pursuant to Statement of Financial Accounting Standards No. 144. It is alleged that this process was not done, and accordingly the carrying value for the plant, as reflected in the Company’s publicly reported 2009 year-end financial statements, was materially overstated.
The Complaint charges that Defendant accounting firm either knew and ignored or recklessly failed to know these facts as of year-end 2009 and during the performance of its 2009 audit. Accordingly, Defendant failed to issue a qualified opinion on the Company's 2009 financial statements.
On May 9, 2013, Notice was filed that pursuant to Fed. R. Civ. P. 41(a)(1), Plaintiff voluntarily dismisses his claims without prejudice. This case was terminated.