An Important Israeli Court Decision for Dual-Listed Companies: The Liability for Breaches of Reporting Obligations by Dual-Listed Companies Is Governed by the Securities Laws of the Foreign Trading Jurisdiction
The Tel Aviv District Court (Economic Division) recently issued a decision which comprehensively addresses the fundamental question as to what law governs a dual-listed company with respect to liability for breaches of its ongoing reporting obligations. In the matter of Cohen v. Tower Semiconductor Ltd. et al., C.A. 44775-02-16, the Court provided a resoundingly clear answer that the securities laws of the foreign jurisdiction in which the company’s shares are traded govern. FBC represented Tower Semiconductor in the matter.
Click here to read the full update.