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 Circuit concluded that, as a foreign private stock issuer, the company was exempt from the Securities Exchange Act of 1934. The court also rejected the plaintiff's claim that the Securities and Exchange Commission exceeded its authority in creating the foreign issuer exception.
June 09, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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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