Tower Semiconductor Wins Decision on Exemption of Foreign Private Issuers

Mr. Musoff and a Skadden team won a significant victory on behalf of Tower Semiconductor Ltd. in the Second Circuit Court of Appeals in 2006. The court’s decision, which affirmed the district court’s holding, resolved the novel issue of the SEC’s authority to exempt foreign private issuers from section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9.

Merrill Lynch Research Securities Litigation

Member of the Skadden team that represented Merrill Lynch & Co. in its defense of more than 150 shareholder actions relating to the content of certain analyst reports. One such case, Dabit v. Merrill Lynch, reached the U.S. Supreme Court, where the Court held unanimously that the Securities Litigation Uniform Standards Act (SLUSA) preempts private securities class actions brought under state law by individuals who assert claims as "holders" of securities and who do not allege that they purchased or sold securities during the period in question. Another, Lentell, et al. v. Merrill Lynch & Co. Inc., resulted in another significant securities law decision, in which the U.S. Court of Appeals for the Second Circuit in 2005 affirmed the dismissal of two "test" cases on loss causation grounds leading the way to a favorable resolution of the remaining cases.