Trending...
- Cape Coral, Fort Myers, Naples Real Estate Broker CEO Is Concerned About The 17 Million Americans Behind on Their Mortgage Payments
- International Fine and Decorative Art Auction April 24-25
- Uncovering the magic of the Bay with Driftscape!
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA) investors concerning the Company's possible violations of federal securities laws.
On March 1, 2021, before the market opened, Hindenburg Research published a report 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 Hidenburg "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."
On this news, Ormat's stock price fell $1.00, or 1.1%, to close at $84.67 per share on March 1, 2021, thereby injuring investors.
More on eTravel Wire
The same day, after the market closed, Ormat responded to the report and acknowledged 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."
On this news, Ormat's stock price fell $1.68, or nearly 2%, to close at $82.99 per share on March 2, 2021, thereby injuring investors further.
If you purchased Ormat securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
On March 1, 2021, before the market opened, Hindenburg Research published a report 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 Hidenburg "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."
On this news, Ormat's stock price fell $1.00, or 1.1%, to close at $84.67 per share on March 1, 2021, thereby injuring investors.
More on eTravel Wire
- Build remote and flexible Supply Chain solutions with Stockarea
- Resolution Introduced in New York City Council Calls on the United States to Endorse United Nations Convention on Biological Diversity
- Absortech breaks new sustainable ground
- Australians Desperate To Get Back To The Great Outdoors
- Inframark Acquires Environmental Development Partners
The same day, after the market closed, Ormat responded to the report and acknowledged 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."
On this news, Ormat's stock price fell $1.68, or nearly 2%, to close at $82.99 per share on March 2, 2021, thereby injuring investors further.
If you purchased Ormat securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Filed Under: Business
0 Comments
Latest on eTravel Wire
- Sandline Welcomes Trusted Forensic Expert & Advisor Robert B. Fried
- Children's author releases first book in the Nick series
- HomeCentris Healthcare Announces Expansion into Pennsylvania
- B Martin Launches "Purpose Driven Artists" Record Label To Create Songs That Heal
- Parvati Foundation Leads Arctic Free To Save The World
- Cape Coral, Fort Myers, Naples Real Estate Broker CEO Is Concerned About The 17 Million Americans Behind on Their Mortgage Payments
- hellowater®, the Water That Works™ brand launches hellowater Defense power by CYTO+
- Celebrate Golden Week in Tokyo with 1,000 Colorful Carp Streamers
- Viva Tequila Festival Mexico Experience Tour Honored at Taste Awards in the Outstanding Culinary & Travel Experience Category
- Singer, Songwriter, Pianist, Isabel Marcheselli Garners Generous Grant Support
- State of Yucatán Continues to Position Itself as a Leading Destination for Meetings, Conventions, Inc
- International Fine and Decorative Art Auction April 24-25
- #1 Billboard Jazz Artist Ski Johnson to Release 10th Studio Album and Tell All Movie
- PocketSuite Partners With ShearShare to Help Stylists Boost Business
- The Anderson Group Real Estate Services' New Concierge Program Aims To Help Nashville-area Homeowners Sell For Top Dollar
- Uncovering the magic of the Bay with Driftscape!
- West Coast Customs icon launches "CarCoin" NFT, giving away an original WCC designed vehicle to celebrate
- PEI Selected Three-Time Top Microsoft Gold Partner in the U.S
- New Book "Educating Marston" Provides Hope for Anyone Struggling to Find Answers Raising a Child with Autism
- The Miguel Wilson Collection celebrates the grand opening of its New York City location