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Hatzlacha - for the Promotion of a Fair Society v. Erica B-Cure Laser

securities fraud

Application to certify a class action, filed in September 2022 against Erika B-Cure Laser, the company`s control holders, current and former members of the board of directors, former CEO and underwriters. The company develops, manufactures and sells medical devices. In July 2021 the company issued an initial public offering, and raised NIS 108 million. The company presented in its prospectus dramatic growth and an expectation to continue the growth. For the year 2021, the company presented a sales target of NIS 150 million, which reflected a 75% growth. It turned out that the company actually experienced negative growth and suffered losses. As time went on, the severity of the situation was revealed. In less than one year, the company`s market value dramatically declined from NIS 516 million to NIS 55 million. According to the application, the company and its officers misled the investors, at the time of the initial public offering and in providing a late and partial disclosure of the facts.

Status: Application to certify the class action is pending.

Documents: Application to Certify the Class Action.

De Lange v. Teva Pharmaceutical Industries Ltd.

marketing practices of opioid based drugs

Motion to disclose documents prior to a derivative action on behalf of Teva, an Israeli public company, traded in TASE and NYSE. According to the motion, which was filed in April 2019, Teva and its subsidiaries face liability in substantial amounts due to marketing practices of opioid based drugs in the US. The applicant claims that Teva's liability might be a result of Teva's board and executive officers failure to reasonably supervise the marketing of these dangerous drugs.

On February 2020 the district court decided to stay the proceedings were stayed, due to parallel proceedings in the United States.

Status: Proceedings are stayed. 

Documents: Application to Disclose Documents Prior to a Derivative Action, Decision to Stay the Proceedings.

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