NEW YORK, July 17, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in B Communications Ltd. ("B Comm" or the "Company") (NASDAQ: BCOM) of the August 28, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in B Comm stock or options between November 7, 2013 and June 19, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/BCOM. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased B Comm securities between November 7, 2013 and June 19, 2017 (the "Class Period"). The case, Maleeff v. B Communications Ltd et al., No. 17-cv-04937 was filed on June 29, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company's principal shareholder Shaul Elovitch ("Elovitch") was engaged in potentially illegal activities regarding the merger between Bezeq The Israel Telecommunication Corporation Limited ("Bezeq") and Bezeq's subsidiary, D.B.S., Satellite Services (1998) Ltd. ("DBS").
Specifically, on June 20, 2017, The Times of Israel reported that the Israel Securities Authority ("ISA") raided the offices of Bezeq and detained Elovitch. The ISA stated that it was investigating "suspicions of violations of the securities law and the penal code relating to transactions connected to" Elovitch. Additionally, the Israeli publication, Globes, reported that the ISA is investigating the aforementioned merger, as well as payments the unit made to Eurocom Communications Ltd. under pressure from Elovitch.
After the announcement, B Comm's share price fell from $21.50 per share on June 19, 2017 to a closing price of $20.50 on June 20, 2017—a $1.00 or a 4.65% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding B Comm's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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