The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of investors who purchased Ormat Technologies, Inc. (NYSE: ORA) securities between August 8, 2017 and May 15, 2018.
According to the ORA lawsuit, 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; (4) 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 Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
"Ormat Technologies, Inc."
If you suffered a loss in Ormat Technologies, Inc. you have until August 8, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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