The Shuman Investigates Ormat Technologies Inc.
Law Firm News
The Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty by certain officers and directors at Ormat Technologies Inc.
The investigation concerns whether the Company's directors and officers caused the Company to issue materially false and/or misleading financial statements. These statements eventually resulted in the Company restating its financial results.
On February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee of the Company, upon recommendation of management and after discussions with the U.S. Securities and Exchange Commission, had concluded that the Company's financial statements for the year ended December 31, 2008 required restatement and should no longer be relied upon. The Company restated its results because it improperly capitalized costs incurred in connection with the exploration and development of certain properties that it did not plan to develop. Upon this news, the price of Ormat stock declined more than 12.81% over the three days following the disclosure of this announcement.
If you currently own shares of Ormat and are interested in discussing your rights as an Ormat shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
Related listings
-
Former Clinton Counsel Lanny Davis Forms Own Law Firm
Law Firm News 04/16/2010Lanny J. Davis, a high-profile Washington lawyer who was the special counsel to President Bill Clinton in the 1990s, is leaving McDermott Will & Emery to form his own law firm. The new firm, Lanny J. Davis & Associates, will specialize in gen...
-
Brandy A. Hood, Esq. Joins Tully Rinckey PLLC
Law Firm News 04/15/2010Washington, D.C. & Albany, NY – Tully Rinckey PLLC is pleased to announce the addition of attorney Brandy Hood as an associate in its Washington, D.C. law office. Ms. Hood joins the firm’s federal sector labor and employment law practice. Ms. Hoo...
-
Law firm Thorp Alberga opens Hong Kong office
Law Firm News 04/13/2010Richard Thorp and Harriet Unger, formerly with Maples and Calder, will lead the Asian practice.Both are authorised by the Law Society of Hong Kong to practise Cayman Islands law in the firm’s new Hong Kong office and are also admitted in the British ...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.