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.
Related listings
-
Law Firm To Offer Free Advice To 25 Businesses
Headline News 03/15/2010The Bloomfield Hills law firm of Lipson, Neilson, Cole Seltzer & Garin, P.C. is holding a 25th anniversary celebration May 6 where it is giving 25 small businesses or entrepreneurs a half day of free legal and business counseling at Automation Al...
-
Federal court says Nevada can limit brothel ads
Headline News 03/12/2010A federal appeals court on Thursday upheld a Nevada law that bars legal brothels that operate in some of the state's rural areas from advertising by newspaper, leaflets and billboards in Las Vegas, Reno and other places where prostitution is illegal....
-
Lawyer cheated south suburb out of $1 million
Headline News 03/08/2010A longtime municipal attorney is alleged to have stolen at least $1 million - and perhaps as much as $3 million - from the village of Calumet Park, where he grew up, according to prosecutors and others familiar with the matter.Mark J. McCombs, of Chi...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .