NEW YORK, June 22, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bezeq The Israel Telecommunication Corporation Limited ("Bezeq" or the "Company") (OTC: BZQIY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Bezeq and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 20, 2017, the Israel Securities Authority ("ISA") raided the Company's offices on suspicion of securities law violations by Bezeq's chairman—and, through an arrangement of holding companies associated with Eurocom Group Ltd. ("Eurocom"), the Company's majority shareholder—Shaul Elovitch. Specifically, the ISA stated that it is investigating possible misconduct "with regards to transactions related to the controlling shareholder." An Israeli business publication reported that the ISA is investigating the merger of Bezeq's television unit with its parent company, as well as payments the unit made to Eurocom under pressure from Elovitch.
On this news, Bezeq's American Depositary Receipt price fell $0.37, or 4.12%, to close at $8.61 on June 20, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP