Case Page

 

Case Status:    DISMISSED    
On or around 08/30/2004 (Date of order of final judgment)

Filing Date: July 03, 2003

According to a press release dated June 6, 2006, Tower Semiconductor Ltd., a pure-play independent specialty foundry, announced that the United States Court of Appeals for the Second Circuit affirmed the August 2004 decision of the United States District Court for the Southern District of New York to dismiss the class action suit filed in July 2003 against the Company and certain directors and shareholders.

In a press release dated August 22, 2004, Tower Semiconductor Ltd. (NASDAQ: TSEM - News; TASE: TSEM) announced that the class action filed in the United States District Court for the Southern District of New York on behalf of the shareholders of Tower Semiconductor Ltd., against Tower and certain of its directors and shareholders, asserting claims arising under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder has been dismissed in its entirety. The Court accepted the motion to dismiss filed on behalf of the Tower defendants and noted that Tower's status as a foreign private issuer exempts it, its directors and controlling shareholders from liability under the proxy rules of Section 14(a) of the Securities Exchange Act.

As previously reported by the Company’s FORM 20-F For The Fiscal Year Ended December 31, 2003, in July 2003, the Company and several of its directors and shareholders were named as defendants in a securities class action complaint filed in the United States District Court for the Southern District of New York. The plaintiffs have asserted claims arising under the Securities Exchange Act of 1934, alleging misstatements and omissions made by the defendants in materials sent to our shareholders with respect to the approval of an amendment to the investment agreements with our Fab 2 investors. The plaintiffs seek damages in unspecified amounts, which could be substantial, and unspecified rescissory relief. In January 2004, the defendants filed a motion to dismiss the plaintiffs' complaint on both substantive and procedural grounds; as of the date of this annual report, the presiding court has not rendered a decision to this motion to dismiss the plaintiffs' complaint.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: Israel

SECURITIES INFORMATION:

Ticker Symbol: TSEM
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 03-CV-04999
JUDGE: Hon. Kimba M. Wood
DATE FILED: 07/03/2003
CLASS PERIOD START: 04/01/2002
CLASS PERIOD END: 07/03/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Associates
    One Penn Plaza, Suite 1910, Abraham & Associates, NY 10119
    212.714.2444 212.714.2444 · Larryl@abrahamlaw.com
  2. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
No Document Title Filing Date