Ormat Technologies, Inc. (ORA) Had Material Weaknesses in Its Internal Control Over Financial Reporting

According to the complaint, Ormat Technologies, Inc. (ORA) first revealed on March 16, 2018, that its disclosure controls and procedures were not effective as of December 31, 2017 due to a material weakness in its internal control over financial reporting. Ormat further reported that it had not performed an effective risk assessment related to its internal controls over accounting for income taxes. On May 11, 2018, Ormat disclosed that it was delaying the filing of its Quarterly Report for the period ended March 31, 2018 with the Securities and Exchange Commission due to "error in the Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the Company's balance sheets in previous reporting periods. Then, on May 16, 2018, Ormat revealed it will restate its second, third, and fourth quarter 2017 financial statements and its full year 2017 statements and that its previously issued financial statements for these periods should not be relied upon. Each of these disclosures resulted in a decrease of Ormat's stock price to the detriment of shareholders.

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