NEW YORK, June 29, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against B Communications Ltd. (“B Communications” or the “Company”) (NASDAQ:BCOM) and certain of its officers. The class action,
filed in United States District Court, Southern District of New York, and docketed under 17-cv-04937, is on behalf of a class
consisting of investors who purchased or otherwise acquired B Communications securities, seeking to recover compensable damages
caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased B Communications securities between November 7, 2013 and June 19, 2017,
both dates inclusive, you have until August 28, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy
of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
B Communications Ltd provides various communications services for business and private customers in Israel. The
company offers fixed-line telephony, fixed-line broadband Internet infrastructure access, Internet service provider, cellular
telephony, international telephony, international and domestic data transfer and network, information and communication technology,
pay television, multi-channel television, television and radio broadcasts, satellite broadcasts, and customer call center services,
as well as other communications infrastructures and services.
B Communications is a subsidiary of Internet Gold–Golden Lines, itself a subsidiary of Eurocom Communications
Ltd. (“Eurocom”), owned by Shaul Elovitch (“Elovitch”).
At all relevant times, Bezeq The Israel Telecommunication Corporation Limited (“Bezeq”) has existed as a
subsidiary of B Communications. On or around June 24, 2015, Bezeq completed a merger with its subsidiary D.B.S., Satellite
Services (1998) Ltd. (“DBS”), more commonly known by its trade name “YES”, a satellite television operator (the “Bezeq-YES
Merger”). Prior to the merger, Bezeq held a 49.8% stake in YES, while Eurocom held a 50.2% stake in the YES. Pursuant
to the merger, Bezeq paid Eurocom NIS 680 million to acquire its holdings in YES.
Through his ownership of Eurocom, at all relevant times Elovitch has exercised control over Eurocom, B
Communications, and Bezeq, and has served at all relevant times as the Chairman of the Board of Directors at each of the three
companies.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading
statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (i) Elovitch had engaged in illegal conduct in connection with the
Bezeq-YES Merger; (ii) discovery of the foregoing conduct would subject B Communications and/or Bezeq to heightened regulatory
scrutiny and potential criminal sanctions; and (iii) as a result of the foregoing, B Communications’ public statements were
materially false and misleading at all relevant times.
On June 20, 2017, The Times of Israel reported that the Israel Securities Authority (“ISA”) had raided
the offices of Bezeq and detained Elovitch. The ISA advised Bezeq that it was investigating “suspicions of violations of the
securities law and the penal code relating to transactions connected to” Elovitch. The Israeli publication Globes
reported that the ISA is investigating the Bezeq-Yes Merger, as well as payments the unit made to Eurocom under pressure from
Elovitch.
Following this news, B Communications’ share price fell $1.00, or 4.65%, to close at $20.50 on June 20,
2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
