NEW YORK, May 16, 2018 /PRNewswire/ -- Bernstein
Liebhard LLP is investigating potential securities fraud claims on
behalf of shareholders of Ormat Technologies, Inc. ("Ormat" or the
"Company") (NYSE: ORA). If you purchased Ormat securities, and/or
have information relating to this matter, please visit our ORMAT
SHAREHOLDER PAGE or contact Daniel
Sadeh toll free at (877) 779-1414 or
dsadeh@bernlieb.com.
On May 11, 2018, Ormat disclosed
that its delaying the filing of its Quarterly Report for the period
ended March 31, 2018 with the SEC
because "management has identified an error in the Company's
financial statement presentation of deferred income tax assets and
deferred income tax liabilities that affects the Company's balance
sheets in previous reporting periods." Ormat further disclosed that
"[t]he Company is evaluating the impact of this error on its
consolidated financial statements and the extent to which the
Company's annual and quarterly consolidated financial statements
filed in previous periods require revision or amendment."
On this news, Ormat's stock fell $3.58 per share, or over 6%, over two consecutive
trading days to close at $52.77 per
share on May 14, 2018.
Then, on May 16, 2018, Ormat
revealed that "it will restate its second, third and fourth quarter
2017 financial statements and its full-year 2017 financial
statements," and therefore, "investors should no longer rely upon
the Company's previously issued financial statements for the
periods set forth above, earnings releases for these periods, and
other communications relating to these financial statements."
On this news, Ormat's stock fell sharply during premarket
trading on May 16, 2018.
Since 1993, Bernstein Liebhard LLP has recovered over
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addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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