SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Ormat Technologies, Inc. - ORA

NEW YORK, March 24, 2021

The investigation concerns whether Ormat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action] 

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.