Ormat Technologies (ORA) Claims of Intentional Corruption Case

In March 2021, a report was published accusing Ormat Technologies (ORA) of systematic intentional corruption.
On it, $ORA fell 1.1%, losing $60M+ of shareholder value.
Investors may have grounds to suspect that Ormat hid its legal problems, which led to their losses.
On March 1, 2021 Hindenburg Research published a report claiming that Ormat has engaged in widespread and systematic acts of intentional corruption. The report added that   it expects blowback to these revelations to threaten Ormat’s contracts in its most lucrative markets. The report also alleges that Hidenburg uncovered:
evidence tying Ormat to corruption with senior government officials, and
direct evidence tying Ormat to corruption with senior Guatemalan government officials.
The report further noted that Ormat paid contractors in Kenya tied to corrupt government officials.

On this news, $ORA fell 1.1% and lost over $60 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Ormat failed to timely disclose company’s legal setbacks, which consequently led to their losses. 

The case is already under investigation by at least one of the reputable law firms.

Case Status

Attorney Investigation

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

01 March 2021

Ormat Technologies (ORA) Claims of Intentional Corruption Case

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