RADNOR, PA / ACCESSWIRE / May 16, 2018 / Kaskela Law LLC announces that it has commenced an investigation of Ormat Technologies Inc. (NYSE: ORA) ("Ormat" or the "Company") on behalf of the Company's shareholders. The investigation seeks to determine whether Ormat made statements to investors in violation of state and/or federal securities laws.
Ormat investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 - 1740 to discuss this investigation and their legal rights and options. Additional information about this investigation may also be found at www.kaskelalaw.com/case/ormat.
On May 11, 2018, Ormat reported to the U.S. Securities and Exchange Commission ("SEC") that it was "not able to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (the 'Q1 Form 10-Q') within the prescribed time period" because management had "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." Following this news, shares of the Company's stock fell $3.42 per share, or over 6%, to close on May 14, 2018 at $52.77, on heavy trading volume.
Then, on May 16, 2018, Ormat disclosed that it would "restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements." Further, Ormat cautioned that "investors should no longer rely upon the Company's previously issued financial statements for the periods set forth above, earnings releases for these periods, and other communications relating to these financial statements." Following this news, shares of the Company's stock further declined in value during the May 16, 2018 trading day.
Ormat investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 - 1585 or (888) 715 - 1740 to discuss this investigation and their legal rights and options. Additional information about this investigation may also be found at www.kaskelalaw.com/case/ormat.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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CONTACT:
KASKELA
LAW LLC
David Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(484) 258 - 1585
(888) 715 - 1740
[email protected]
www.kaskelalaw.com
SOURCE: Kaskela Law LLC