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Case 3:10-cv-00132-ECR -WGC Document 97-2 Filed 03/27/12 Page 10 of 21 2. What Is This Lawsuit About? This Litigation alleges violations of the Federal Securities Laws (specifically Sections 10(b) and 20(a) of the Exchange Act (15 U.S.C. §78j(b) and 78(t)(a)) and Rule 10b-5 promulgated thereunder (17 C.F.R. §240.10b-5)) against Defendants. Ormat is a publicly traded Delaware corporation with its principal place of business located in Reno, Nevada. Ormat and its subsidiaries engage in the geothermal and recovered energy power business. During the Class Period, Ormat securities traded on the New York Stock Exchange (NYSE) under the ticker symbol “ORA.” Lead Plaintiffs allege that, during the Class Period, Ormat’s stock price was artificially inflated as a result of a series of untrue or materially misleading statements concerning Ormat’s accounting treatment for certain exploration and development costs which were inappropriately capitalized on an area-of-interest basis, using an accounting method that was analogous to the full-cost method, and concerning Ormat’s development of its geothermal plant in North Brawley. Lead 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 Court dismissed Plaintiffs’ claims related to North Brawley on March 3, 2011, and the remainder of the claims moved forward until the Parties reached this Settlement. 3. Why Is This A Class Action? Class actions are generally used in lawsuits that affect a large number of individuals; in effect, the class action operates to consolidate into a single action all of the claims of individuals allegedly harmed by the same conduct or course of conduct, thus alleviating the need for members of the class to file their own individual lawsuits to recover for the harm alleged. Once the class is certified, the Court is empowered to resolve all issues on behalf of members of the class, except for those members of the class, if any, who specifically choose to exclude themselves from the Class. As part of the preliminary approval process, Lead Plaintiffs will ask the court to certify a Class for settlement purposes only. The proposed class will consist of all Persons other than Defendants who purchased or otherwise acquired Ormat securities between May 7, 2008, and February 24, 2010, inclusive, and incurred damages. All Class Period purchasers or acquirers of Ormat securities are members of the Class, except those persons who timely file a request for exclusion by [21 days prior to the Settlement Hearing]______________, 2012. All persons who do not timely exclude themselves from the Class will be bound by the proposed Settlement and its accompanying Release. 4. Why Is There a Settlement? The Court did not decide in favor of the Lead Plaintiffs or Defendants. Instead, both sides agreed to a Settlement. This permits them to avoid the cost and uncertainty of a trial, and permits eligible Class Members who submit valid claims to receive compensation. The Lead Plaintiffs and their attorneys believe the Settlement is best for all Class Members. The Defendants have concluded that further defense of the Litigation would 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 of Settlement. Defendants also have 8PDF Image | Lawsuite ORMAT TECHNOLOGIES
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