Friday 6 January 2012

Berger & Montague, P.C. Files a Shareholder Derivative Suit Against Isramco, Inc. and its Officers and Directors.

Berger & Montague, P.C. Files a Shareholder Derivative Suit Against Isramco, Inc. and its Officers and Directors.



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PHILADELPHIA, April 28 /PRNewswire/ -- The law firm of Berger & Montague, P.C. has filed a shareholder derivative action A lawsuit brought by a shareholder of a corporation on its behalf to enforce or defend a legal right or claim, which the corporation has failed to do.

A derivative action, more popularly known as a Stockholder's Derivative Suit, is derived from the primary right of the in the District Court of Harris County, Texas Harris County is a county located in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. As of 2000 U.S. Census, the county had a population of 3.4 million (though a 2006 estimate placed the population at nearly 3. on behalf of Isramco, Inc (Nasdaq: ISRL ISRL Information Systems Research Lab
ISRL Information Systems Research Library ).

Isramco, Inc. is a Delaware corporation that engages in the acquisition, development, production and exploration of oil and natural gas properties in the United States, and previously engaged in such activities in Israel. The complaint alleges that Isramco and its officers and directors engaged in transactions that were grossly unfair and breached the Director Defendants' fiduciary duties to the corporation by permitting undisclosed self-dealing transactions with Defendants Tsuff, Maimon and entities they controlled.


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As a result of the Defendants' Haim Tsuff, Jackob Maimon, Max Pridgeon, Michelle R. Cinnamon Flores, Marc E. Kalton, Frans Sluiter, Naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. Israel Petroleum Corp. Ltd., I.O.C. Israel Oil Company Ltd., Isramco Oil & Gas, Ltd., J.O.E.L. - Jerusalem Oil Exploration Ltd., Chesney Estates, Ltd., and Goodrich Global, Ltd., B.V.I. actions, the Company has sustained substantial damages.

The complaint alleges that the Director Defendants who had a fiduciary duty to act in furtherance of the best interests of the Company and its shareholders so as to benefit all shareholders equally and not in furtherance of the personal interest or benefit of select individuals.


For more information about this case, please contact:


Lawrence Deutsch, Esq.


Robin Switzenbaum, Esq.


BERGER & MONTAGUE, P.C.


1622 Locust locust, in botany
locust, in botany, any species of the genus Robinia, deciduous trees or shrubs of the family Leguminosae (pulse family) native to the United States and Mexico. Street


Philadelphia, PA 19103


(215) 875-3062


(888) 891-2289


ldeutsch@bm.net


rswitzenbaum@bm.net


www.bergermontague.com
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