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Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). 2. Ormat is a vertically integrated company engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal recovered energy-based power plants. Ormat conducts its business activities in two business segments: Electricity and Products. In the Electricity Segment, the Company develops, builds, owns and operates geothermal and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world, and sells the electricity generated by these plants. In the Products Segment, Ormat designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation, remote power units and other power generating units, and provides services relating to the engineering, procurement, construction, operation and maintenance of geothermal and recovered energy power plants. 3. Prior to and throughout the Class Period, Ormat represented to investors that it prepared and reported its financial statements prepared and reported in accordance with Generally Accepted Accounting Principles ("GAAP"). However, on February 24, 2010, the Company shocked investors when it disclosed that, following an SEC review, it had improperly accounted for certain exploration and development costs. As detailed by Ormat, costs associated with projects that the Company had determined were not economically feasible remained capitalized when they should have been expensed. Additionally, Ormat disclosed that because of the Company's improper accounting it would be necessary to restate its financial statements, and that these financial statements "should no longer be relied upon." The restatement's impact included a significant reduction in Ormat's net income for 2008 and 2009. 4. Upon the release of this news, shares of the Company's stock fell $1.28 per share, 2PDF Image | ORMAT TECHNOLOGIES Lawsuit
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