Cellcom Israel Ltd. (NYSE:CEL) Dismisses Class Action Filing
Dallas, Texas, 09/24/2014 (ustrademedia) – Cellcom Israel Ltd. (NYSE:CEL) is firing on all cylinders on Tuesday morning as the, the Israeli Supreme Court dismissed a Class Action filed against NetVision, one of Celanese Corporation’s subsidiaries.
Appeal was filed in 2011, before the Supreme Court of Israel, but no compensation sums were mentioned.
Netvision has been charged by subscribers against collection of wrong sums from its customers through a faulty payment method.
Cellcom Israel Ltd. (NYSE:CEL) was started in 1994 to become one of the largest cellular services providers in the country. As of the middle of this year, it caters to over 3 million subscribers.
It continues to provide cellular, landline telephony as well travelling-supported roaming cellular services, both within the country as well as overseas.
Cellcom Israel Ltd. (NYSE:CEL) is credited with using some of the most advanced carrier technology infrastructure in the world and houses a HSPA 3.5 Generation network. This infrastructure allows the company to reach high speed delivery standards for the broadband as well as multimedia services.
It connects across the geography of the country and is available at urban commercial establishments and remote areas.
On Monday, Cellcom Israel Ltd. (NYSE:CEL). has announced on Monday changes to the Board of Directors as required by Israeli concentration law. The company reported that ”promotion of competition and the mitigation of concentration, in regards to reporting corporations that are third layer and up in a pyramid structure, such as the Company, (in effect during a transition period ending no later than December 2019) and in order to meet such requirements.“
Much of Cellcom controlling shares is held by Discount Investment Corporation (DIC) and it has appointed its Chairman Ami Erel as an appointee of the board. Mr. Raanan Cohen has resigned from the board since. The appointment of Erel is with respect to Israel’s law of 20% of a company’s directors are natives of the country.