SOURCE: Brower Piven, A Professional Corporation

March 12, 2010 19:59 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Ormat Technologies, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 10, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 12, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of the securities of Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA) during the period between May 6, 2008 and February 24, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 10, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles in that the Company was improperly continuing to capitalize costs for individual projects after Ormat had decided to abandon further exploration and development of individual projects instead of expensing those costs in the period in which any such determination was made, thus causing the Company's financial results to be overstated during the Class Period. According to the complaint, after the Company, on February 24, 2010, disclosed that the Board of Directors and Audit Committee of the Company concluded that the Company's financial statements for the year ended December 31, 2008 contained in its Annual Report required restatement and could no longer be relied upon; that the Company's prior related earnings and news releases and similar communications should also no longer be relied on to the extent they related to the 2008 Financial Statements; that the restatement would show a change in the Company's accounting treatment for certain exploration and development costs; that these costs were capitalized inappropriately in certain respects; and that the Company planned to revise its consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2009, the value of Ormat's stock declined significantly.

If you have suffered a net loss for all transactions in Ormat Technologies, Inc. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact