Israel: District / Obligation To Report A Material Development In The Claim (Hebrew)

Last Updated: 29 June 2017
Article by Yoram Shiv
Most Read Contributor in Israel, June 2017

מחוזי/ חובת דיווח על התפתחות מהותית בתביעה

כחלק מהכרעת דין שכללה התייחסות למספר רב של אישומים, בית המשפט הרשיע נושאי משרה בתאגיד ציבורי ("התאגיד") בעבירות של אי הגשת דוח מיידי על התפתחויות מהותיות בהליך בוררות שהתנהל. נושאי המשרה דיווחו על עצם הגשת התביעה הראשונית נגד התאגיד, אך לא דיווחו על התפתחויות שחלו במהלך הבוררות ועל שינויים בסיכויי הזכייה, זאת למרות שידעו בפועל על עדכונים משמעותיים בהליך.

בית המשפט קבע כי קיימת חובה לדווח על כל עניין שעשוי להיות חשוב למשקיע הסביר השוקל רכישת ניירות ערך. נקבע כי חשיבות הבוררות שהתקיימה, השלכותיה ובעיקר סיכויי ההצלחה של התאגיד בה היו מובנים לנושאי המשרה. במשך שנה ואף יותר של התנהלות הבוררות, חלו בה התפתחויות משמעותיות שלא דווחו לציבור. התפתחויות אלה כללו, בין השאר, פסק דין חלקי (בנושא קביעת אחריות), כישלון במציאת עד מומחה מטעם התאגיד, פיטורי עורך הדין המייצג את התאגיד והחלפתו בעו"ד אחר שנקבע שלא היה מוכן לדיון בבוררות וחילוט ערבות בנקאית של התאגיד. לכל אלה הייתה משמעות רבה מבחינת תקינות הדוחות ובוודאי מבחינת המשקיע הסביר. בית המשפט פסק שהנאשמים היו מודעים לכל ההתפתחויות הללו אך בחרו לעוור את עיני הציבור ואף להוליך אותו שולל בדוחות שקריים ממש.

נקבע כי עצם הגשתה של תביעה בעלת השלכה מהותית פוטנציאלית על התאגיד מצריכה דיווח מיידי משום שהידיעה על הגשת תביעה כזאת עשויה לשמש מרכיב חשוב בשיקוליו של משקיע השוקל רכישת נייר ערך של התאגיד, אך גם התפתחות מהותית בתביעה או בוררות שכזאת, המצביעה על חולשה של ממש בטענות ההתגוננות של התאגיד, מצריכה העמדת הציבור מיד על התפתחות כזאת.

(תפ (ת"א) 40136-05 מדינת ישראל נ' איברהים בולוס ז"ל))

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