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4 Case 3:10-cv-00132-RCJ-WGC Document 117 Filed 10/16/12 Page 3 of 7 1 the strength of the plaintiffs’ case; the risk, expense, complexity, and likely duration of further litigation; the risk of maintaining a class action status 2 throughout the trial; the amount offered in the settlement; the extent of discovery completed and the stage of the proceedings; the experience and 3 views of counsel; the presence of a governmental participant; and the reaction of the class members to the proposed settlement. Hanlon v. Chrysler Corp., 150 F.3d 1011, 1026 (9th Cir. 1998) (citations omitted). 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The consolidated class complaint (#35) includes claims based on two distinct sets of allegations: (1) concerning Ormat’s disclosure that Ormat’s financial statements for 2008 required restatement, and (2) concerning Ormat’s projections regarding the timely completion and expected capacity of the North Brawley plant. The Court considered the claims in an Order (#56) granting in part and denying in part Defendants’ motion to dismiss (#43). After a thorough examination of the allegations, the Court concluded that Plaintiffs’ claims based on the North Brawley plant allegations were insufficient to form the basis of a securities fraud claim because Plaintiffs had not shown falsity or scienter. Plaintiffs’ claims based on the 2008 restatement, however, were permitted to proceed. While the Court examined the claims only at the motion to dismiss stage, the legal standard governing securities fraud actions requires that the Court examine whether the circumstances constituting fraud were stated with particularity. The court also considered whether the complaint specified each allegedly misleading statement and stated with particularity all facts on which any allegation rests. The Court concluded that, based on the allegations in the complaint, Plaintiffs had stated a claim for securities fraud. However, litigation was at an early stage at the time the parties settled, and the true strength of Plaintiffs’ case has not been tested in court. The Settlement Amount, which Plaintiffs claim is about 21.5% of the maximum damages they could recover at trial, is not unreasonable in light of the risk, expenses, and likely duration of further litigation in this action. The action was filed in 2010, and in order to reach resolution, if not for the proposed settlement, would require more discovery, extensive briefing, and possibly a lengthy trial. Plaintiffs would also have to obtain class certification and maintain class action status throughout the action. The Settlement Amount is also reasonable compared with settlement amounts approved 3PDF Image | Lawsuit Ormat Technologies
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