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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 9, 2012 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 16, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
March 30, 2012 - The court preliminarily approved the settlement.
March 27, 2012 - A stipulation of settlement was filed by the parties.
March 3, 2011 - The court granted in part and denied in part the defendants' motion to dismiss.
August 13, 2010 - A motion to dismiss the amended consolidated complaint was filed.
July 9, 2010 - An amended consolidated complaint was filed.
March 9, 2010 - An investor in shares of Ormat Technologies Inc (NYSE: ORA) filed a lawsuit in the U.S. District Court for the District of Nevada against Ormat Technologies Inc over alleged violations of Federal Securities Laws between May 6, 2008 and February 24, 2010.
According to the complaint the plaintiff alleges that Ormat Technologies Inc and certain of its executive officers violated federal securities laws by knowing or recklessly disregarding between May 6, 2008 and February 24, 2010 that their public statements concerning Ormat Technologies Inc's business, operations and prospects were materially false and misleading.
Ormat Technologies Inc, located in Reno, NV, is engaged in the geothermal and recovered energy power business. Ormat Technologies Inc designs, develops, builds, owns and operates geothermal recovered energy-based power plants, usually using equipment that it designs and manufactures. Shares of Ormat Technologies Inc NYSE: ORA) reached in 2007 $57 per share, in 2008 over $53.50 per share, and 2009 over $43 per share. Ormat Technologies Inc increased its Total Revenue over the last years. Ormat Technologies Inc reported in 2007 Total Revenue of $295.92million with a Net Income of $27.38million, in 2008 Total Revenue of $344.83million with a Net Income of $43.61million, and in Total Revenue of $415.24million with a Net Income of $68.85million.
On February 24, 2010, Ormat Technologies Inc disclosed that the Board of Directors and Audit Committee of Ormat Technologies Inc, upon recommendation of management, had concluded that its financial statements for the year ended December 31, 2008 contained in its Annual Report on Form 10-K for the year then ended require restatement and should no longer be relied upon, and additionally, that Ormat Technologies Inc’s prior related earnings and news releases and similar communications should also no longer be relied on to the extent they related to the financial statements for the year ended December 31, 2008. Ormat Technologies Inc additionally indicated that Ormat Technologies Inc planned to revise its consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2009.
As a result of this news, so the lawsuit, Ormat Technologies Inc shares (ORA) declined $1.28 per share, to close on February 24, 2010, at $31.90 per share, and further declined over the following two days to close on February 26, 2010, at $28.93 per share, on heavy trading volume. Over the course of these three days of trading, Ormat Technologies Inc shares declined a total of $4.25 per share. During the last couple trading days ORA shares recovered slightly and traded recently at $30.45 per share.