CLASS ACTION UPDATE for GLCNF, GLNCY and ORA: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
Levi & Korsinsky, LLP
Jul. 12, 2018
NEW YORK, July 12, 2018 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court; further details about the cases can be found at the links provided.
Glencore plc (OTCMKTS:GLCNF), (OTCMKTS:GLNCY)Class Period: September 30, 2016 - July 2, 2018Lead Plaintiff Deadline: September 7, 2018
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: Glencore’s conduct would subject it to heightened scrutiny by U.S. and foreign government bodies, resulting in investigations into the company’s compliance with money laundering and bribery laws, as well as the Foreign Corrupt Practices Act; and as a result, defendants’ statements about Glencore’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
On May 18, 2018, Bloomberg reported that the U.K.'s Serious Fraud Office was preparing to open a formal bribery investigation into Glencore. Then on July 3, 2018, Glencore disclosed that the U.S. Department of Justice issued its subsidiary a subpoena to produce documents and other records in connection with its compliance with U.S. money laundering statutes and the Foreign Corrupt Practices Act.
To learn more go to: http://www.zlk.com/pslra-d/glencore?wire=3.
Ormat Technologies, Inc. (NYSE:ORA)Class Period: August 8, 2017 - May 15, 2018Lead Plaintiff Deadline: August 8, 2018
During the class period, Ormat allegedly made materially false and/or misleading statements and/or failed to disclose that: there were errors in the income tax provision primarily relating to Ormat’s valuation allowance based on its ability to utilize foreign tax credits in the U.S. prior to their expiration; Ormat netted certain deferred income tax assets and deferred income tax liabilities across different tax jurisdictions that are not permitted to be netted pursuant to United States generally accepted accounting principles; Ormat’s internal controls over financial reporting were ineffective; Ormat would need to restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements; and as a result, defendants’ statements about Ormat’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
To learn more go to: http://www.zlk.com/pslra-d/ormat-technologies-inc?wire=3.
You have until the lead plaintiff deadlines to request the court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:Levi & Korsinsky, LLPJoseph E. Levi, Esq.30 Broad Street - 24th FloorNew York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com