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ORA.US
id: 991, Created by , Scout

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.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 March 2021
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Ormat Technologies Inc

Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras,...

    Ticker
    ORA.US
    ISIN
    US6866881021
    CIK
    1296445
    Sector
    Utilities
    Industry
    Utilities - Renewable
    Country
    USA
    Address
    6140 Plumas Street, Reno, NV, United States, 89519-6075