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or 3.9 percent, to close on February 24, 2010 at $31.90 per share, on unusually heavy trading volume. 5. The following day, Ormat's stock was downgraded to "Market Perform" from "Accumulate" by Janco Partners, who also reduced its price target for Ormat's stock to $30.00 per share from a previous target of $43.00 per share. On this news, the Company's stock declined an additional $0.89 per share, or almost 3 percent. 6. On February 26, 2010, Ormat notified the SEC that it was unable to timely file its Form 10-K annual report, due to the need to restate its financial statements. Also on February 26, 2010, Barclays Capital reduced its price target for Ormat's stock to $29.00 per share from $36.00 per share. Additionally, Ormat's stock was downgraded to "Neutral" from "Overweight" by Piper Jaffray (who reduced its price target for Ormat's stock to $30.00 per share from $43.00 per share) and was downgraded to "Reduce" from "Hold" by Ardour Capital (who reduced its price target for Ormat's stock to $24.00 per share from $39.00 per share). On this news, the Company's shares declined an additional $2.08 per share, or 6.7 percent, to close on February 26, 2010 at $28.93 per share, again on unusually heavy trading volume. 7. The Complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's financial well-being and reporting. Specifically, defendants failed to disclose or indicate the following: (1) that the Company had improperly accounted for certain exploration and development costs associated with projects that it had determined were not economically feasible; (2) that the Company's financial statements were not prepared in accordance with GAAP; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. 3PDF Image | ORMAT TECHNOLOGIES Lawsuit
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