An investigation on behalf of investors in Ormat Technologies, Inc. (NYSE:ORA) shares over potential wrongdoing at Ormat Technologies, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 05/14/2021 -- Directors of Ormat Technologies, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Ormat Technologies directors breached their fiduciary duties and caused damage to the company and its shareholders.
Reno, NV based Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. 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."
Those who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation.
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