Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship
Chapter 23: The Teva case: a tale of a race to the bottom in global securities regulation
This chapter offers a unique perspective on shareholder litigation, describing the authors’ experience as plaintiffs in a transformative securities class action lawsuit in Israel. Israel-based Teva is the world’s largest manufacturer of generic drugs and is crosslisted in both the United States and Israel. The company reported its executive compensation in the aggregate rather than individually, using its crosslisted status to avoid what the authors viewed as a straightforward requirement of both US and Israeli law. In contrast, companies listed only in Israel disclosed individual executive pay, and were therefore the only companies subject to media scrutiny of their compensation practices. The authors’ class action eventually led to the requirement that all publicly traded Israeli companies disclose the compensation of each executive individually, regardless of whether a company is crosslisted.
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