U.S. SECURITIES FRAUD CLASS U.S. SECURITIES FRAUD CLASS ACTIONSACTIONS--AN ISRAELI PERSPECTIVE--AN ISRAELI PERSPECTIVE

Jeremy A. Lieberman, Esq.

POMERANTZ GROSSMAN HUFFORD DAHLSTROM& GROSS LLP

New York City

Recent DevelopmentsRecent Developments

• LIBOR Rate Manipulation

--Barclay’s Bank paid $453 million to US

and UK regulators to settle claims that

it suppressed the LIBOR rate from 2007-2010;

-- UBS agreed to a $1.5 billion fine, and admitted to paying brokers to manipulate LIBOR

-- RBS settled for $612 million, and its Japanese unit admitted to wire fraud.

Pomerantz Grossman Hufford Dahlstrom & Gross LLP

Libor Rate Manipulation

Pomerantz Grossman Hufford Dahlstrom & Gross LLP

Recent Developments (Cont’d)Recent Developments (Cont’d)LIBOR LitigationLIBOR Litigation

--Class Actions filed on behalf of swap purchasers, note holders, and other entities that received lower interest payments due to the suppression of the rate.

--Meltzer Investment GMBH and at least five other EU plaintiffs have filed suit in this Action

--Pomerantz is leading a Class Action on behalf of Lenders that were damaged by the fraud. Represents the Government Development Bank of Puerto Rico, and Other Lenders

Pomerantz Grossman Hufford Dahlstrom & Gross LLP

Israeli Related Class Actions Israeli Related Class Actions (Cont’d)(Cont’d)

In re Verifone Holdings, Inc. Sec. Litig.

Class Period: 12/14/2011 – 2/19/13

• VeriFone Already Under SEC Investigation For Manipulation of Earnings—In Late 2007, after realizing that its margins were below expectations, CEO Bergeron stated that the earnings were an “Unmitigated Disaster” and they should “Figure it Out” and “Fix it”;

• Afterwards, Beregron himself suggested Accounting adjustments to make up the shortfall;

Pomerantz Grossman Hufford Dahlstrom & Gross LLP

Israeli Related Class Actions Israeli Related Class Actions (Cont’d)(Cont’d)

• VeriFone—

• On March 28 and March 30, 2011, CEO Beregron Sold $14 Million Worth of Shares Before Announcing Disappointing Earnings on April 5.

• On February 4, 2013, Verifone Announced The Resignation of Its Chief Financial Officer

• On February 19, 2013, the Company Announced disappointing earnings due to “New Accounting Policies”, sending share price from $31.89 to $18.24, or 43% in one day.

Pomerantz Grossman Hufford Dahlstrom & Gross LLP

Israeli Related Class Actions Israeli Related Class Actions (Cont’d)(Cont’d)

In re Mellanox Securities Litigation

Class Period: 2/4/12 – 1/2/13

•Failed to Disclose that Intel’s (Mellanox’s key client) Adaptation of Its Own Infinibrand Adaptor Would Hurt Mellanox’s Own Sales.

•On January 2, 2013, Mellanox Announced Disappointing Earnings From Intel Competition, Causing Shares to Decline from $61.19 to $50.70

•During the Class Period, Mellanox Insiders Dumped $20 Million of Their Own Holdings

Pomerantz Grossman Hufford Dahlstrom & Gross LLP