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Case 3:10-cv-00132-ECR -WGC Document 97-2 Filed 03/27/12 Page 4 of 21 Settlement Fund: $3,100,000 in cash. Your recovery will depend on the number of Ormat securities you, and other Class Members who file claims, purchased and sold and the prices at which you, and the other Class Members who file claims, purchased and sold those securities. The estimated average recovery will be approximately $0.29 per share before deduction of Court-approved fees and expenses and costs of notice and claims administration. Reasons for Settlement: The case has been litigated since March 2009. The Lead Plaintiffs and Co-Lead Counsel believe that the Settlement provides the Class with a benefit now, instead of years of further uncertain litigation, including disposition of summary judgment motions, a contested trial and likely appeals, with the possibility of no recovery at all. The Plaintiffs allege that Ormat’s stock price was artificially inflated as a result of a series of untrue or materially misleading statements related to Ormat’s inappropriate accounting practices with respect to exploration and development costs for geothermal energy, as well as the development of Ormat’s geothermal energy resource at North Brawley. Plaintiffs further contend that Defendants made these statements knowing them to be false or misleading, or recklessly disregarding their false or misleading natures, and that investors suffered injury as a result of the alleged inflation. The Defendants have denied and continue to deny all charges of wrongdoing or liability arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Complaint. Specifically, Defendants have denied and continue to deny, inter alia, the allegations that Lead Plaintiffs or the Class have suffered damages, that Defendants or any of them made or caused to be made any alleged misrepresentation or omission, and that any Defendant acted with scienter in making or causing any alleged misrepresentation or omission. Nonetheless, Defendants have concluded that further conduct of the Litigation could be protracted and expensive, and that it is desirable that the Litigation be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation in order to limit further expense, inconvenience and distraction, to dispose of the burden of protracted litigation, and to permit the operation of the Company’s business without further distraction and diversion of the 2PDF Image | Lawsuite ORMAT TECHNOLOGIES
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