Geothermal firm Ormat faces class action suit
Headline News
Law firms are circling geothermal energy company Ormat Technologies, after a class action law suit was filed accusing the firm and its executives of knowlingly falsifying its accounts.
Pennsylvania firm Howard G Smith filed the class action lawsuit on behalf of investors, after Ormat revealed back in February that it would have to revise its accounts for the year up to December 2008.
Ormat announced on February 26 that it had reviewed its accounting procedures, and decided the way it had treated costs associated with discontinued geothermal projects had been “discontinued”.
The move will see its income for 2008 downgraded by $6.2 million.
The law suit has arisen since Ormat’s admission apparently led to its share value dropping by nearly 13%. The class action alleges that Ormat and its executives were liable for investors’ losses.
A number of law firms came out over the weekend, chasing Ormat investors with the offer of representing them in the class action suit. These include the Colorado-based Shuman Law Firm, Oklahoma City firm Federman & Sherwood, Connecticut-based Izard Nobel, Dallas firm Kendall Law Group and the New York-based Brualdi Law Firm.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.