Investors File Securities Class Action Lawsuit Against Ormat Technologies, Inc. (ORA) Over Capitalization Of Project Costs
A securities class action lawsuit was filed against Ormat Technologies, Inc. (ORA) in the United States District Court for the District of Nevada on behalf of purchasers of Ormat Technologies, Inc. (ORA) stock during the period between May 6, 2008 and February 24, 2010 (the class period), for violations of the federal securities laws, according to a securities class action lawsuit filing news report.
The Ormat Technologies, Inc. (ORA) securities class action lawsuit complaint reportedly alleges that defendants violated federal securities laws by, among other things, failing to disclose that Ormat Technologies was improperly capitalizing costs for individual projects after Ormat had decided to abandon further exploration and development of individual projects instead of expensing those costs in the period in which any such determination was made and that, as a result, Ormat Technologies’s financial results were overstated during the Class Period.
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