A disgruntled investor in an Israeli semiconductor company cannot hold the corporation liable under U.S. law for what he claims were misleading statements, a federal appellate court has ruled.

A unanimous panel of the 2nd U.S. Circuit Court of Appeals, in Schiller v. Tower Semiconductor Ltd., 04-5295, concluded that, as a foreign private stock issuer, the company was exempt from the Securities Exchange Act of 1934.

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