Ormat Securities Litigation

Status Notice and Claim Forms are being mailed.

Claims Filing Deadline December 11, 2020

Exclusion Deadline December 11, 2020

Objection Deadline January 4, 2021

Settlement Hearing January 11, 2021

File a Claim Online Online Claim Form

Important Documents

Frequently Asked Questions

How Do I Know if I Am Part of the Settlement?

The potential Settlement Class consists of all persons and entities, including those resident in Israel, that purchased or acquired shares of Ormat common stock, either on a U.S. exchange (including, the New York Stock Exchange (“NYSE”)), or on the Tel Aviv Stock Exchange (“TASE”), or both a U.S. exchange and the TASE, between August 3, 2017 and May 15, 2018, both dates inclusive.

Are There Exceptions to Being Included?

Yes. You are not a member of the Settlement Class (“Settlement Class Member”) if you belong to any of the following groups: (i) Defendants and the officers and directors of Ormat (the “Excluded Persons”); (ii) immediate family members of any Excluded Person; (iii) the legal representatives, heirs, successors, or assigns of any Excluded Person; (iv) any entity in which any Excluded Person has a controlling interest; and (v) any persons or entities who exclude themselves by filing a request for exclusion in accordance with the requirements set forth in the Notice.

What Does the Settlement Provide?

The Settlement, if approved by the Court, will result in a gross Settlement Fund of $3,750,000 U.S. dollars (the “Cash Settlement Amount”). Subject to the Court’s approval, a portion of this fund will be used to pay Lead Plaintiff’s attorneys’ fees and reasonable litigation expenses, the costs of notice and claims administration (including the costs of printing and mailing the Notice), and any service award and reimbursement of costs granted to the Lead Plaintiff. After these deductions from the Settlement Fund have been made, the amount remaining (the “Net Settlement Fund”) will be distributed to Settlement Class Members who submit valid claims, in accordance with the Plan of Allocation to be approved by the Court, which is set forth in the Notice.

How Can I Get a Payment?

To qualify for a payment, you must be an eligible Settlement Class Member, send in a valid Proof of Claim and Release Form (also called a “Claim and Release Form,” “Proof of Claim,” and “Claim Form”) by December 11, 2020, and properly document your claim as requested in the form. The Claims Administrator will process your claim and determine whether you are an Authorized Claimant.
A Proof of Claim and Release Form is enclosed with the Notice and may also be downloaded from this website. Read the instructions carefully, fill out the form, and sign it in the location indicated. The Proof of Claim and Release Form may be completed in two ways: (1) by completing and submitting it electronically at here by 11:59 P.M. EST on December 11, 2020; or (2) by mailing the Claim Form together with all documentation requested in the form, postmarked no later than December 11, 2020, to the Claims Administrator at:
Ormat Securities Litigation Claims Administrator
c/o Strategic Claims Services
P.O. Box 230
600 North Jackson Street – Suite 205
Media, PA 19063

How Do I Get Out of the Settlement Class?

To validly exclude yourself from the Settlement, you must mail a letter that states (A) your name, address, telephone number, signature and e-mail address (if any); (B) that you “request to be excluded from the Settlement Class in Costas v. Ormat Technologies, Inc., et al., No. 3:18-cv-00271 (D. Nev.)”; (C) the date, number of shares and U.S. dollar amounts (for Ormat shares purchased or acquired on a U.S. exchange) and/or Israeli New Shekel amounts (for Ormat shares purchased or acquired on the TASE) of each purchase or acquisition of Ormat common stock during the Settlement Class Period, the date, number of shares, and U.S. dollar amounts and/or Israeli New Shekel amounts (as applicable) of any sale or disposition transactions, as well as the stock exchange(s) (such as the NYSE and/or TASE) on which you purchased or acquired shares of Ormat common stock (if known); and (D) the number of shares of Ormat common stock held by you as of May 15, 2018. Any such request for exclusion must be signed and submitted by you, as the beneficial owner, under penalty of perjury. To be valid, you must mail your exclusion request, so that it is received no later than December 11, 2020, to the Claims Administrator at the following address:
Ormat Securities Litigation Claims Administrator
c/o Strategic Claims Services
P.O. Box 230
600 North Jackson Street – Suite 205
Media, PA 19063
You cannot exclude yourself by telephone or by e-mail.

How Do I Tell the Court That I Do Not Like the Settlement?

If you are a Settlement Class Member and do not agree with the proposed Settlement, any part of the Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and expenses or service award to the Lead Plaintiff, you can ask the Court to deny approval by filing an objection. You cannot ask the Court to order a larger settlement; the Court can only approve or deny the settlement. If the Court denies approval, no settlement payment will be sent out and the lawsuit will continue.
To object, you must send a letter saying you object to the Settlement in Costas v. Ormat Technologies, Inc., et al., No. 3:18-cv-00271 (D. Nev.). Be sure to include: (A) your name, address, telephone number, signature, and e-mail address (if any); (B) a list of all purchases and sales of Ormat common stock during the Settlement Class Period in order to show membership in the Settlement Class, which includes the date, number of shares, and U.S. dollar amounts (for Ormat shares purchased, acquired, sold or disposed on a U.S. exchange) and/or Israeli New Shekel amounts (for Ormat shares purchased, acquired, sold or disposed on the TASE) of all purchases, acquisitions, sales, or dispositions of Ormat common stock between August 3, 2017 and May 15, 2018, both dates inclusive, and the exchange(s) on which those purchases, acquisitions, sales or dispositions occurred (if known); (C) the number of shares of Ormat common stock held by you as of May 15, 2018; (D) a description of the specific part of the Stipulation or Settlement to which you object and all grounds for your objection, including any evidence you wish to bring to the Court’s attention and any legal support known to you or your counsel; (E) the name, address and telephone number of all counsel, if any, who represent you in connection with your objection, including your former or current counsel who may be entitled to compensation in connection with the objection; and (F) the number of times you and/or your counsel has filed an objection to a class action settlement in the last five years, the nature of each such objection in each case, the jurisdiction in each case, and the name of the issuer of the security or seller of the product or service at issue in each case.
If you object to the Settlement or the requested attorneys’ fees or service award to the Lead Plaintiff, you subject yourself to the jurisdiction of the Court in this matter and Lead Plaintiff may seek to take your deposition before the Settlement Hearing. If the Court allows the deposition and you refuse to have your deposition taken, your objection may be deemed invalid.
The motions in support of the Settlement and the request for attorneys’ fees will be filed no later than January 4, 2021 at 5 P.M. PT, and they will be available from Lead Counsel, the Claims Administrator, or the Court. Any objection must be mailed or delivered such that it is received by each of the following no later than January 4, 2021 at 5 P.M. PT:

COURT
Clerk of the Court
United States District Court District of Nevada
400 S. Virginia St.
Reno, NV 89501

LEAD COUNSEL
Jeremy A. Lieberman
Murielle Steven Walsh
Eric D. Gottlieb
POMERANTZ LLP
600 Third Avenue, Floor 20
New York, NY 10016

DEFENDANTS’ COUNSEL
Douglas P. Baumstein
Dominique Forrest
WHITE & CASE LLP
1221 Avenue of the Americas
New York, NY 10020

When and Where Will the Court Decide Whether to Approve the Settlement?

The Court will hold a Settlement Hearing at 10 A.M. on January 11, 2021 at the United States District Court for the District of Nevada in Courtroom 3, Bruce R. Thompson Courthouse, 400 S. Virginia St., Reno, NV 89501.
At this hearing, the Court will consider whether the proposed Settlement and Plan of Allocation are fair, reasonable, and adequate and should be approved. If there are objections, the Court will consider them, and the Court will listen to people who have asked to speak at the hearing. The Court may also decide how much should be awarded to Lead Counsel for attorneys’ fees and expenses and to Lead Plaintiff for its service award to compensate it for its time and contributions to the case. The Court may decide these issues at the hearing or take them under consideration for a later decision.
We do not know how long these decisions will take. You should be aware that the Court may change the date and time of the Settlement Hearing without another notice being sent to Settlement Class Members. If you want to attend the hearing, to be sure that the date and time has not changed, you may wish to check with Lead Counsel beforehand, or access the Court docket in this case through the Public Access to Court Electronic Records (PACER) system at https://ecf.nvd.uscourts.gov.