On February 23, 2015, the District Court of the Central District handed down a decision in BlueMountain Capital Management LLC & others v Taro Pharmaceuticals Industry Ltd that will be of particular interest to Israeli companies whose shares are listed on non‐Israeli stock exchanges.
The decision sets forth certain procedural requirements with respect to the vote by proxy of shares of an Israeli company whose shares are listed on a stock exchange outside Israel, particularly with respect to resolutions that require the approval of a disinterested majority pursuant to the Israeli Companies Law, 1999 (the “Companies Law”).
