According to the Complaint, Isramco, Inc. is an independent oil and natural gas company engaged in the exploration, development, and production of oil and natural gas properties located onshore in the United States and owner of various royalty interests in oil and gas concessions located offshore Israel.

This action stems from a proposed transaction announced on May 20, 2019, pursuant to which Isramco, Inc. will be acquired by Naphtha Israel Petroleum Corporation Ltd.

On May 20, 2019, Isramco’s Board of Directors caused the Company to enter into an agreement and plan of merger with Naphtha. Pursuant to the terms of the Merger Agreement, Isramco’s stockholders will receive $121.40 in cash for each share of Isramco common stock they own.

On September 6, 2019, Defendants filed a Proxy Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction, which scheduled a stockholder vote on the Proposed Transaction for October 22, 2019. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.

This case was voluntarily dismissed on January 8, 2020.