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41. On November 4, 2009, the Company issued a press release entitled "Ormat Technologies, Inc. Reports Third Quarter 2009 Results." Therein, the Company stated, in relevant part: For the three-month period ended September 30, 2009, total revenues were $119.8 million, an increase of 20.2% from $99.7 million in the third quarter of 2008, consisting of a 65.5% increase in Product Segment revenues and flat Electricity Segment revenues. For the quarter, the Company reported net income of $23.4 million, or $0.52 per share of common stock (basic and diluted), compared to $15.8 million, or $0.35 per share of common stock (basic and diluted), for the same period a year ago, which represents an increase of 48.1%. The increase in net income is primarily attributable to our Product Segment. 42. Also on November 4, 2009, Ormat filed its Quarterly Report with the SEC on Form 10-Q. The Company's Form 10-Q, signed by Defendant Tenne, reaffirmed the Company's financial results announced on the same day. The Company's Form 10-Q also contained Sarbanes-Oxley required certifications, substantially similar to the certifications contained in ¶ 27, supra. Additionally, the Form 10-Q stated, in relevant part: These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial statements. 43. The statements contained in ¶¶ 31 – 42 were materially false and misleading when made because defendants failed to disclose or indicate the following: (1) that the Company had improperly accounted for certain exploration and development costs associated with projects that it had determined were not economically feasible; (2) that the Company's financial statements were not prepared in accordance with GAAP; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. 16PDF Image | ORMAT TECHNOLOGIES Lawsuit
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