Research Handbook on Representative Shareholder Litigation
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Research Handbook on Representative Shareholder Litigation

Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship

Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
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Chapter 23: The Teva case: a tale of a race to the bottom in global securities regulation

Sharon Hannes and Ehud Kamar

Abstract

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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