HERZLIYA, Israel, June 18, 2019 /PRNewswire/ -- Optibase
Ltd. (NASDAQ: OBAS) (the "Company" or "Optibase")
announces that further to its announcements dated October 27, 2014, and May
13, 2015, the Israeli Central (Lod) District Court (the
"Court") denied on June 16,
2019, the motion to approve the filing of a derivative claim
against the Company's controlling shareholder, directors, CEO and
certain former controlling shareholder and directors.
Optibase had vigorously denied the derivative claim allegations
as meritless and is pleased that the Court rejected all the
plaintiffs' claims and ruled significant legal costs in favor of
the defendants. The Court noted the professional dealings of the
Company's management and Board of Directors and further held in its
ruling that the motion is not based on a prima facie cause
of action against the defendants and that he was convinced that
the, "Plaintiffs filed and managed the motion in bad faith."
The Court, in a detailed ruling, complemented the Board of
Directors and the Audit Committee and noted that the decisions made
by the Board of Directors were adopted independently, while
exercising discretion and conducting negotiations in a manner
reflecting a proper decision-making process. The Court added that
pursuant to the testimonies and the relevant minutes, a factual
picture emerges of an active Board of Directors, investigating and
questioning, that operates independently and considers the
Company's benefit.
The Chairman of the Board, Mr. Alex
Hilman commented on the Court's ruling on behalf of the
Board: "We are very pleased to have received such a strong ruling
favoring the Company's arguments. It is sad to think of the time
spent by companies, boards and management dealing with baseless
lawsuits. I hope that this Court's ruling will have its impact in
preventing such events from happening again."
About Optibase
Optibase invests in the fixed-income real estate field and
currently holds properties in Switzerland and in Miami, Texas and Philadelphia, USA and is currently looking for additional
real estate investment opportunities. Optibase was previously
engaged in the field of digital video technologies until the sale
of its video solutions business to Optibase Technologies Ltd., a
wholly owned subsidiary of VITEC Multimedia ("Vitec") in
July 2010. For further information,
please visit www.optibase-holdings.com.
This press release contains forward-looking statements
concerning our marketing and operations plans. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. All forward-looking
statements in this press release are made based on management's
current expectations which involve risks, uncertainties and other
factors that could cause results to differ materially from those
expressed in forward-looking statements. These statements involve a
number of risks and uncertainties including, but not limited to,
difficulties in finding suitable real-estate properties for
investment, availability of financing for the acquisition of
real-estate, difficulties in leasing of real-estate properties,
insolvency of tenants, difficulties in the disposition of
real-estate projects, risk relating to collaborative arrangements
with our partners relating to our real-estate properties, risks
relating to the full consummation of the transaction for the sale
of our video solutions business, general economic conditions and
other risk factors. For a more detailed discussion of these
and other risks that may cause actual results to differ from the
forward looking statements in this press release, please refer to
Optibase's most recent annual report on Form 20-F. The
Company does not undertake any obligation to update forward-looking
statements made herein.
Media Contacts:
Amir Philips, CEO, Optibase Ltd.
011-972-73-7073-700
info@optibase-holdings.com
Investor Relations Contact:
Marybeth Csaby, for Optibase
+1-917-664-3055
Marybeth.Csaby@gmail.com
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SOURCE Optibase Ltd.