Pomerantz LLP Appointed Lead Counsel in Ormat Technologies, Inc. Securities Litigation

On March 12, 2019, Pomerantz LLP was appointed Lead Counsel in a class action lawsuit filed against Ormat Technologies, Inc.

The investigation concerns whether Ormat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

On May 11, 2018, Ormat disclosed that the Company would delay the filing of its Quarterly Report for the period ended March 31, 2018, stating that "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 "the 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 share price fell $3.42, or 6.09%, to close at $52.77 on May 14, 2018.