On or around 12/06/2019 (Date of last review)
Filing Date: June 11, 2018
According to the Complaint, Ormat Technologies Inc. ("Ormat") engages in the geothermal and recovered energy power business worldwide.
The Complaint alleges that throughout the Class Period, 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 during the Class Period; (4) due to the foregoing, 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 the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On March 12, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 13, 2019. Defendants filed a Motion to Dismiss the amended Complaint on July 12. On December 6, the Court issued an Order denying Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Ormat Technologies Inc.
Industry: Electric Utilities
Headquarters: United States
Ticker Symbol: ORA
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.
First Identified Complaint
Mac Costas, et al. v. Ormat Technologies Inc., et al.