An investigation for investors in Ormat Technologies, Inc. (NYSE:ORA) shares over potential securities laws violations by Ormat Technologies, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 04/06/2021 -- Ormat Technologies, Inc is under investigation concerning possible securities laws violations in connection with certain financial statements.
Investors who purchased shares of Ormat Technologies, Inc. (NYSE: ORA), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Ormat Technologies, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 1, 2021, before the market opened, a report was published entitled "Ormat: Dirty Dealings in 'Clean' Energy." According to the report, the Company "has engaged in what we believe to be widespread and systematic acts of intentional corruption," adding that it "expect[s] the blowback to these revelations to be severe, threatening Ormat's contracts in its most lucrative markets." The report alleges that Hindenburg "uncovered evidence tying Ormat to corruption with senior government officials," and "direct evidence tying Ormat to corruption with senior Guatemalan government officials" further noting "Ormat paid contractors in Kenya tied to corrupt government officials."
The same day, after the market closed, Ormat responded to the report and said that "[t]he Company is aware of claims being investigated in Israel regarding Ravit Barniv, an Ormat Board member, and Hezi Kattan, the Company's General Counsel and Chief Compliance Officer." Though the "claims involve Ms. Barniv's and Mr. Kattan's work at another company, prior to joining Ormat," the Company announced that it would "transfer the responsibility for the Company's compliance function to other members of the Ormat management team until these issues are resolved."
Shares of Ormat Technologies, Inc. (NYSE: ORA) declined from $128.87 per share on February 10, 2021, to as low as $71.24 per share on March 25, 2021.
Those who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation.
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