Hagens Berman Alerts Investors in Ormat Technologies, Inc. (ORA) to the Firm's Investigation of Admitted Improper Accounting, Possible Disclosure Violations, and Insider Sales

SAN FRANCISCO, June 8, 2018 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Ormat Technologies, Inc. (NYSE: ORA) to the Firm's investigation into securities law violations in connection with Ormat's admission to improper historical accounting.  If you purchased or otherwise acquired Ormat securities between January 1, 2017 and May 16, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP.  For more information visit:

https://www.hbsslaw.com/cases/ORA

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing

[email protected].

On March 1, 2018, Ormat and its senior management announced the Company would not timely file its annual report for its fiscal year ended December 31, 2017 with the SEC.  Management explained the delay as the result of continued work on review of certain income tax and financial reporting procedures.  In addition, management identified material weaknesses related to its risk assessment of the accounting for income taxes.

This news drove the price of Ormat shares down $4.83, or almost 8%, to close at $57.65 per share that day.

On May 16, 2018, the Company and management announced (1) Ormat would restate its second, third and fourth quarter financial statements and its full-year 2017 financial statements (filed with the SEC two  months earlier), and (2) investors should no longer to rely on those financial statements or on their communications about them.

That day, the price of Ormat shares closed at $52.35 per share -- $5.30, about 9%, lower than the March 1, 2018 closing price.

"We're focused on investors' losses, whether Ormat's senior officers knowingly violated Generally Accepted Accounting Principles, and on the filings with the SEC revealing massive insider sales by senior executives during one of the restated periods," said Hagens Berman partner Reed Kathrein.

Whistleblowers:  Persons with non-public information regarding ORA should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email [email protected].

About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country.  The Firm represents investors, whistleblowers, workers and consumers in complex litigation.  More about the firm and its successes can be found at www.hbsslaw.com.  For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

SOURCE Hagens Berman Sobol Shapiro LLP

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