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 in the District Court of Harris County, Texas on behalf of Isramco, Inc (Nasdaq: ISRL). 

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 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 Street

Philadelphia, PA 19103

(215) 875-3062

(888) 891-2289

ldeutsch@bm.net

rswitzenbaum@bm.net

www.bergermontague.com

SOURCE Berger & Montague, P.C.

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