SOURCE: Izard Nobel LLP

March 10, 2010 17:23 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Ormat Technologies, Inc.

WEST HARTFORD, CT--(Marketwire - March 10, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Nevada on behalf of purchasers of the securities of Ormat Technologies ("Ormat" or the "Company") (NYSE: ORA) between May 6, 2008 and February 24, 2010, inclusive (the "Class Period"). 

The Complaint charges that Ormat and certain of its officers violated federal securities laws. Specifically, the Complaint alleges defendants failed to disclose: (i) Ormat 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; (ii) that, as a result, the Company's financial results were overstated; (iii) that Ormat's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) that the Company lacked adequate internal and financial controls.

On February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee of the Company had concluded that Ormat's financial statements for the year ended December 31, 2008 contained in its Annual Report on Form 10-K for the year then ended require restatement and should no longer be relied upon.

If you are a member of the class, you may, no later than May 10, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/ormat/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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