Court Dismisses GE'S Complaint in Dispute with Orbotech Ltd. (ORBK)
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ORBOTECH LTD. (NASDAQ: ORBK) announced that on July 2, 2009, the United States District Court for the Eastern District of Wisconsin ruled that it would grant the motion by Orbotech Ltd. to dismiss the complaint (as amended) filed against the Company by GE Healthcare (NYSE: GE), which describes itself as a unit of General Electric Company. In granting the motion on the ground of forum non conveniens, the Court ruled that the weight of both public and private factors support resolution of the action in the Israeli courts. Dismissal of the complaint is subject to Orbotech's acceptance of certain conditions set by the Court designed to ensure the adequacy of the Israeli forum.
Orbotech intends to accept the conditions imposed by the Court and has until July 16, 2009 to do so. The Company continues to believe it has good arguments in response to the claims made in the complaint should these claims be made in an Israeli forum and intends to defend the matter vigorously in such instance. For more information about this matter and the related arbitration matter in Israel, see the Company's Annual Report on Form 20-F for the year ended December 31, 2008 and its subsequent report on Form 6-K, both filed with the United States Securities and Exchange Commission.
Orbotech intends to accept the conditions imposed by the Court and has until July 16, 2009 to do so. The Company continues to believe it has good arguments in response to the claims made in the complaint should these claims be made in an Israeli forum and intends to defend the matter vigorously in such instance. For more information about this matter and the related arbitration matter in Israel, see the Company's Annual Report on Form 20-F for the year ended December 31, 2008 and its subsequent report on Form 6-K, both filed with the United States Securities and Exchange Commission.
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