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.
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