NEW YORK, March 12, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE:ORA) stock during the period between May 6, 2008 and February 24, 2010, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Ormat common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by May 10, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee or David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges Ormat and certain of the Company's executive officers with violations of federal securities laws. Ormat and its subsidiaries engage in the geothermal and recovered energy power business in the United States and internationally. The Company develops, builds, owns and operates geothermal and recovered energy-based power plants, and sells electricity and equipment for geothermal and recovered energy-based electricity generation. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Ormat's business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) 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; (2) that, as a result, the Company's financial results were overstated during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the above, that the Company's financial statements were materially false and misleading at all relevant times.
The Brualdi Law Firm, P.C. is a New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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