Ormat Technologies (ORA)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Ormat Technologies, Inc. ("Ormat" or "the Company") (NYSE: ORA). The investigation concerns whether Ormat and certain of its officers and/or directors have violated federal securities laws.
On March 1, 2021, before the market opened, Hindenburg Research (“Hindenburg”) published a report entitled “Ormat: Dirty Dealings in ‘Clean’ Energy.” According to the Hindenburg 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.” In the report, Hindenburg claims to have “uncovered evidence tying Ormat to corruption with senior government officials” and “direct evidence tying Ormat to corruption with senior Guatemalan government officials”, further noting that “Ormat paid contractors in Kenya tied to corrupt government officials.” On this news, Ormat’s stock price fell $1.00 per share, or 1.1%, to close at $84.67 per share on March 1, 2021. That 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 another $1.68 per share, or nearly 2%, to close at $82.99 per share on March 2, 2021.
If you are aware of any facts relating to this investigation, or purchased Ormat shares, you can assist this investigation by visiting contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.