Ormat Investigation: Bernstein Liebhard LLP Investigates Ormat Technologies, Inc. - ORA

NEW YORK, June 4, 2018 /PRNewswire/ -- Bernstein Liebhard LLP is investigating potential securities fraud claims on behalf of shareholders of Ormat Technologies, Inc. ("Ormat" or the "Company"). 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 [email protected].

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.

Then, on May 18, 2018, Ormat announced that it "received written notice from the New York Stock Exchange ("NYSE") indicating the Company is not in compliance with the NYSE's continued listing requirements…due to the Company's inability to timely file its Form 10-Q for the first quarter of 2018. Ormat stated that "[t]he NYSE notice indicates that NYSE may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant."

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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com 
(877) 779-1414
[email protected]

SOURCE Bernstein Liebhard LLP

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