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declined an additional $0.89 per share, or almost 3 percent. 49. On February 26, 2010, Ormat notified the SEC that it was unable to timely file its Form 10-K annual report, due to the need to restate its financial statements to correct for the inappropriate accounting methods previously employed by the Company. 50. Also on February 26, 2010, Barclays Capital reduced its price target for Ormat stock to $29.00 per share from $36.00 per share. Additionally, the Company's stock was downgraded to "Neutral" from "Overweight" by Piper Jaffray (who reduced its price target for Ormat stock to $30.00 per share from $43.00 per share) and was downgraded to "Reduce" from "Hold" by Ardour Capital (who reduced its price target for Ormat stock to $24.00 per share from $39.00 per share). 51. On this news, the Company's shares declined an additional $2.08 per share, or 6.7 percent, to close on February 26, 2010 at $28.93 per share, again on unusually heavy trading volume. ORMAT'S VIOLATION OF GAAP RULES IN ITS FINANCIAL STATEMENTS FILED WITH THE SEC 52. These financial statements and the statements about the Company's financial results were false and misleading, as such financial information was not prepared in conformity with GAAP, nor was the financial information a fair presentation of the Company's operations due to the Company's improper accounting for and disclosure of its revenues, in violation of GAAP. 53. GAAP are those principles recognized by the accounting profession as the conventions, rules and procedures necessary to define accepted accounting practice at a particular time. Regulation S-X (17 C.F.R. ยง 210.4 01(a) (1)) states that financial statements filed 19PDF Image | ORMAT TECHNOLOGIES Lawsuit
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