Ormat Technologies, Inc.

Company Name
Ormat Technologies, Inc.
Stock Symbol
ORA
Class Period
May 6, 2008 to February 24, 2010
Court
District of Nevada
Status
Settled

This action is brought on behalf of all purchasers of Ormat Technologies, Inc. securities during the period May 6, 2008 through February 24, 2010, inclusive (the “Class Period”). The Complaint charges Ormat and certain of the Company’s executive officers with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly continuing to capitalize 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; (2) that, as a result, the Company’s financial results were overstated during the Class Period; (3) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the above, that the Company’s financial statements were materially false and misleading at all relevant times.