Ormat Technologies, Inc
|Company Name||Ormat Technologies, Inc|
On March 1, 2021, before the market opened, Hindenburg Research published a report 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 Hidenburg “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.”
On this news, Ormat’s stock price fell $1.00, or 1.1%, to close at $84.67 per share on March 1, 2021, thereby injuring investors.
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