The Shuman Law Firm today announced that it is investigating
potential breaches of fiduciary duty by certain officers and directors
at Ormat Technologies Inc.
The investigation concerns whether the
Company's directors and officers caused the Company to issue materially
false and/or misleading financial statements. These statements
eventually resulted in the Company restating its financial results.
On
February 24, 2010, Ormat disclosed that the Board of Directors and
Audit Committee of the Company, upon recommendation of management and
after discussions with the U.S. Securities and Exchange Commission, had
concluded that the Company's financial statements for the year ended
December 31, 2008 required restatement and should no longer be relied
upon. The Company restated its results because it improperly capitalized
costs incurred in connection with the exploration and development of
certain properties that it did not plan to develop. Upon this news, the
price of Ormat stock declined more than 12.81% over the three days
following the disclosure of this announcement.
If you currently
own shares of Ormat and are interested in discussing your rights as an
Ormat shareholder, or have information relating to this investigation,
please contact Kip B. Shuman or Rusty E. Glenn toll free at 866-974-8626
or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
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