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KSF Appointed Co-Lead Counsel in U.S. Geothermal Litigation

On September 9, 2019, Hon. Travis J. Laster of the Delaware Chancery Court appointed KSF as co-lead counsel for the class in Kenneth Riche, et al v. James C. Pappas, et al¸ C.A. No. 2018-0177 (Del. Ch). The class representative alleges that Defendants, the former Board of Directors of U.S. Geothermal, breached their fiduciary duties in connection with the acquisition of U.S. Geothermal by Ormat Technologies, Inc. by, inter alia, failing to maximize the consideration that U.S. Geothermal shareholders would receive in the transaction, and by making misleading statements and failing to disclose material information regarding a conflicted sales process in the definitive proxy statement filed with the Securities and Exchange Commission, thereby resulting in a shareholder vote on the transaction that was not fully informed.