LOS ANGELES, May 9, 2012 (GLOBE NEWSWIRE) -- The following statement is being issued by Bernstein Liebhard LLP and Glancy Binkow & Goldberg LLP regarding the Ormat Technologies Class Action Proposed Settlement.
UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA
WAYNE SZYMBORSKI, On Behalf of Himself and All Others Similarly Situated, Plaintiff, vs.ORMAT TECHNOLOGIES, INC., YEHUDIT BRONICKI, JOSEPH TENNE, Defendants. Case No.: 3:10-CV-00132-ECR-WGC
PAUL STEBELTON, On Behalf of Himself and All Others Similarly Situated, Plaintiff, vs. ORMAT TECHNOLOGIES, INC., JOSEPH TENNE, YEHUDIT BRONICKI, YORAM BRONICKI, LUCIEN Y. BRONICKI, DAN FALK, JACOB J. WORENKLEIN, ROGER W. GALE, ROBERT F. CLARKE, Defendants. Case No.: 3:10-CV-00156-ECR-WGC
JOHN J. CURTIS, On Behalf of Himself and All Others Similarly Situated, Plaintiff, vs.ORMAT TECHNOLOGIES, INC., JOSEPH TENNE, YEHUDIT BRONICKI, Defendants. Case No.: 3:10-CV-00198-ECR-WGC
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ORMAT TECHNOLOGIES, INC. SECURITIES BETWEEN MAY 7, 2008, AND FEBRUARY 24, 2010, INCLUSIVE, WHO INCURRED DAMAGES (THE "CLASS")
YOU ARE HEREBY NOTIFIED that this Class Action is pending and that a Settlement of it for Three Million One Hundred Thousand Dollars ($3,100,000) has been proposed. A hearing will be held before the Honorable Edward C. Reed in the United States District Court for District of Nevada in Courtroom 3, 400 S. Virginia Street, Reno, Nevada 89501 at 10:00 a.m. on October 1, 2012, to determine: (i) whether the Settlement and Plan of Allocation should be approved by the Court as fair, reasonable, adequate, and in the best interests of the Class; (ii) whether Co-Lead Counsel's application for an award of attorneys' fees and the reimbursement of expenses should be approved; (iii) whether the Court should grant Lead Plaintiffs reimbursement of their reasonable costs and expenses (including lost wages) directly related to their representation of the Class; and (iv) whether the Court should approve the release of Released Claims against any and all Released Persons and dismiss the Litigation with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Reimbursement of Expenses, and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim") you may obtain copies of these documents by contacting:
Ormat Technologies, Inc. Securities Litigation
Claims Administrator
c/o The Garden City Group, Inc.
P.O. Box 9349
Dublin, OH 43017-4249
1-800-231-1815
Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Co-Lead Counsel:
Michael S. Bigin
Bernstein Liebhard LLP
10 East 40th Street
New York, NY 10016
(212) 779-1414
Bigin@bernlieb.com
Lionel Z. Glancy
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
1-888-773-9224
settlements@glancylaw.com
To participate in the Settlement, you must submit a Proof of Claim no later than September 24, 2012. As more fully described in the Notice, the deadline for submitting objections to the Settlement and requests for exclusions from the Class is September 10, 2012.
Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, The Garden City Group, at the address listed above or visit www.gcginc.com/cases/ormat. Please do not contact the Court.
By Order of the Court