Will Teva face class-action from shareholders?

New York law firm Wohl & Fruchter: We are investigating possible violations of federal securities laws.

Will a class-action suit soon be filed against Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) by its shareholders? A US law firm which specializes in representing investors in cases of fraud, breach of trust, and improper conduct by companies, quickly responded on Friday to the recent events at Teva.

"We are investigating possible violations of federal securities laws by officers and directors of Teva," says Wohl & Fruchter LLP, a New York law firm. It did not mention what conduct by Teva raised its suspicions about possible breaches of federal securities law, but it gave a timeline of events at Teva since Dr. Jeremy Levin was appointed CEO in January 2012 until the announcement of his departure last week.

Wohl & Fruchter notes the fall in Teva's share price following the announcement of Levin's departure, and calls on people with relevant information, and Teva shareholders with questions about the investigation, to contact the firm.

Investigations by law firms ahead of possible class-action suits against public companies in the US are common.

Wohl & Fruchter's website says that the firm has opened investigations against 23 companies in the past six months, including Barbie manufacturer Mattel Inc. and E*TRADE Financial Corporation.

Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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