United States Second Circuit

Dismissal of a shareholder class action complaint, on ground that defendant is a foreign private issuer exempt from Rule 14(a) of the Securities Exchange Act of 1934 by virtue of Exchange Act Rule 3a12-3(b), is affirmed over claims that: 1) Rule 3a12-3 exceeds the SEC's exemptive authority under the Exchange Act; and 2) even if the SEC could have provided an adequate justification for Rule 3a12-3, it did not.

Appellate Information

• Decided 06/01/2006
• Published 06/02/2006

Judges

• WESLEY, Circuit Judge., Before:  MINER, WESLEY, Circuit Judges, and RAKOFF, District Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Lawrence D. Levit (Jeffrey S. Abraham, on the brief), Abraham, Fruchter & Twersky, LLP, New York, NY;  Mark D. Stern, P.C. Somerville, MA, for Plaintiff-Appellant.


• For Appellees:
  
• Scott Musoff (Jay B. Kasner, Scott D. Musoff, on the brief), Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for Defendants-Appellees Tower Semiconductor Ltd., Idan Ofer, Ehud Hillman, Eli Harari, N.D. Reddy, and Miin Wu., Daniel L. Cantor (Michael R. Patrick, on the brief), O'Melveny & Myers LLP, New York, NY, for Defendants-Appellees Israel Corporation, Israel Corporation, Technologies Ltd., SanDisk Corporation and Alliance Semiconductor Corporation., Douglas Clark, Wilson, Sonsini Goodrich & Rosati, P.C., Palo Alto, CA, for Defendant-Appellee QuickLogic Corporation.