A motion to approve a class action against our client, and against its D&Os, was denied

Another success for the Commercial Litigation Department, in a class action lawsuit in securities law!

The Tel Aviv District Court (Economic Department) rejected a motion to approve a class action filed against a client of our firm, a dual-listed public company traded on the Tel Aviv and Nasdaq stock exchanges, and against the company’s officers and directors.

The lawsuit alleges that the company and its officers breached their duty to report to investors details pertaining to an independent committee that was involved in a successful medical trial conducted by the company on a drug it is developing.

According to the plaintiffs, the company and its officers admitted to this deception as part of an administrative enforcement arrangement conducted with the Israel Securities Authority.

The district court denied the approval motion, ruling that no connection had been proven between the allegedly misleading details and the alleged damage.

Our client was represented by Orr Noy, our firm’s Managing Partner, Liron Liberman , a partner in our Litigation Department, and Adv. Liad Zitnitsky from our Litigation Department.

To read the verdict>>