Tower Semi Announces Dismissal of Class Action

August 22, 2004 by Jeff Shepard

Tower Semiconductor Ltd. (Migdal Haemek, Israel) announced that the class action filed in the United States District Court for the Southern District of New York on behalf of the shareholders of Tower Semiconductor Ltd., against Tower and certain of its directors and shareholders, asserting claims arising under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder has been dismissed in its entirety.

The court accepted the motion to dismiss filed on behalf of the Tower defendants and noted that Tower's status as a foreign private issuer exempts it, its directors and controlling from liability under the proxy rules of Section 14(a) of the Securities Exchange Act.