Faulty Accounting Lands Ormat In Securities Flap

Law360, New York (March 19, 2010, 1:31 PM EDT) -- Ormat Technologies Inc. has been hit with a putative class action accusing the geothermal energy company and its officers of misleading investors and maintaining loose accounting practices that led to an otherwise avoidable decline in share prices.

Following an audit by the U.S. Securities and Exchange Commission, Ormat shocked investors by announcing in February that it had improperly accounted for certain exploration and development costs and that its previous financial statements no longer were reliable, the plaintiffs alleged in a complaint lodged Thursday in the U.S....
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