Elron Electronic Industries Announces the Certification of a Class Action Lawsuit.Business Editors TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--March 15, 2001 Elron Electronic Industries Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELRNF) a leading multinational high technology holding company, announced that on March 14, 2001 the Company obtained the decision of the Tel-Aviv district court certifying the claim served against the Company, Elbit Medical Imaging Ltd., Elbit Ltd. and Mr. Emmanuel Gill gill, in weights and measures gill, in weights and measures: see English units of measurement. (collectively, the "defendants"), dated March 2, 1999, as a class action. The claim was filed on behalf of those persons who sold warrants (series 2) of Elbit Ltd. between August 1 and August 31, 1998, excluding the defendants and directors of the Companies being sued. The plaintiffs' main allegations are that the defendants withheld information regarding negotiations allegedly conducted by Elscint Limited (a subsidiary of Elbit Medical Imaging Ltd.) for the sale of Elscint Limited's main lines of business to third parties. The information was subsequently published, following the execution of term sheets for such sale, after the warrants had expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. . The relief requested by the plaintiffs is at least NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 105,612 (approximately $26,000) for the plaintiffs and an aggregate of NIS 6,571,696 (approximately $1.6 million) for the members of the class, as compensation for the alleged damage caused to the class, plus legal expenses of at least 15% of the amount to be ruled upon by the court. The Company is currently reviewing the district court's decision with its legal counsel in order to file an appeal against the decision. Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, software, information technology and semiconductors. For further information, visit http://www.elron.com Any statements in this press release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider. |
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