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in relevant part: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review On February 23, 2010, the Board of Directors and Audit Committee of the Company, upon recommendation of management, concluded that the Company's financial statements for the year ended December 31, 2008 (the "2008 Financial Statements") contained in its Annual Report on Form 10 -K for the year then ended require restatement and should no longer be relied upon. In addition, the Company's prior related earnings and news releases and similar communications should no longer be relied on to the extent they related to the 2008 Financial Statements. The Company plans to include the restatement of the 2008 Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2009. The restatement will show a change in the Company's accounting treatment for certain exploration and development costs. These costs were capitalized on an area-of-interest basis as described in Note 1 of the 2008 Financial Statements using an accounting method that is analogous to the full cost method. In reviewing this accounting treatment in response to comment letters from the Staff of the Securities and Exchange Commission ('SEC") as part of its periodic review of the reports the Company files with the SEC, the Company concluded that this accounting treatment was inappropriate in certain respects. As a result, the Company will no longer continue to capitalize these costs for any individual project after it decides to abandon further exploration and development of that project, and will instead expense those costs in the period in which any such determination is made. The 2008 Financial Statements will be restated to write- off unsuccessful exploration and development costs for sites where we determined not to pursue further development during 2008. [Emphasis added.] 46. On this news, shares of the Company's stock fell $1.28 per share, or 3.9 percent, to close on February 24, 2010 at $31.90 per share, on unusually heavy trading volume. 47. Also on February 24, 2010, Ormat's stock was downgraded to "Neutral" from "Buy" at Pritchard Capital Partners, who reduced its price target for the Company's stock to $30.00 per share from a previous target of $45.00 per share. 48. On February 25, 2010, Ormat was downgraded to "Market Perform" from "Accumulate" by Janco Partners, who also reduced its price target for Ormat's stock to $30.00 per share from a previous target of $43.00 per share. On this news, the Company's stock 18PDF Image | ORMAT TECHNOLOGIES Lawsuit
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