Case Page

 

Case Status:    DISMISSED    
On or around 05/16/2018 (Notice of voluntarily dismissal)

Filing Date: March 08, 2018

U.S. Geothermal Inc. is a renewable energy company focused on the development, production and sale of electricity from geothermal energy.

According to the Complaint, on January 24, 2018, the Company announced that it had entered into a definitive agreement (the “Merger Agreement”), dated January 23, 2018, by which Ormat Technologies Inc., through its subsidiary Ormat Nevada Inc. (“Parent”), and Parent’s wholly owned subsidiary, OGP Holding Corp. (“Merger Sub” and together with Parent and Ormat Technologies Inc., “Ormat”) will acquire all of the outstanding shares of U.S. Geothermal for $5.45 in cash for each share of U.S. Geothermal stock (“Merger Consideration”), in a transaction valued at approximately $110 million at the time of the announcement (the “Proposed Transaction”).

The Complaint alleges that, in connection with the Proposed Transaction, on March 2, 2018, the Company
filed a materially incomplete and misleading preliminary proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission (“SEC”). Specifically, the Complaint alleges that the Proxy Statement is materially deficient and misleading because, inter alia, it fails to disclose material information relating to: (i) the background of the Proposed Transaction; (ii) potential conflicts of interest involving the Company’s financial advisor; and (ii) potential conflicts of interest involving the Company’s executives and directors.

This case was voluntarily dismissed on May 15, 2018.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HTM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 18-CV-00371
JUDGE: Hon. Christopher J. Burke
DATE FILED: 03/08/2018
CLASS PERIOD START: 01/24/2018
CLASS PERIOD END: 03/08/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. O'Kelly Ernst & Joyce, LLC
    901 N. Market Street, Suite 1000, O'Kelly Ernst & Joyce, LLC, DE
    ·
No Document Title Filing Date