Press release
Ormat Technologies, Inc. (NYSE: ORA) Investor Noticet: Investigation over potential Wrongdoing
An investigation on behalf of investors in shares of Ormat Technologies, Inc. (NYSE: ORA) was announced over potential breaches of fiduciary duties by certain officers and directors at Ormat Technologies, Inc.
Investors who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com 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. Ormat Technologies, Inc. reported that its annual Total Revenue declined from $746.04 million in 2019 to $705.34 million in 2020, and that its Net INcome declined from $88.09 million in 2019 to $85.45 million in 2020.
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.”
Shares of Ormat Technologies, Inc. (NYSE: ORA) declined from $128.87 per share on February 10, 2021, to as low as $75.99 per share on March 19, 2021.
Those who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Investors who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com 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. Ormat Technologies, Inc. reported that its annual Total Revenue declined from $746.04 million in 2019 to $705.34 million in 2020, and that its Net INcome declined from $88.09 million in 2019 to $85.45 million in 2020.
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.”
Shares of Ormat Technologies, Inc. (NYSE: ORA) declined from $128.87 per share on February 10, 2021, to as low as $75.99 per share on March 19, 2021.
Those who purchased shares of Ormat Technologies, Inc. (NYSE: ORA) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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