Bank Hapoalim B.M.
|Company Name||Bank Hapoalim B.M.|
On March 7, 2019, Hapoalim issued a press release announcing that the bank was increasing its provision “in relation to the exposure stemming from the investigations of the U.S. authorities, by approximately USD 246 million” for an aggregate total provision of $611 million.
On this news, the price of the Company’s American depositary receipts (“ADR”) fell $1.09 per ADR, or over 3%, to close at $33.16 per ADR on March 11, 2019, thereby injuring investors.
Then, on April 30, 2020, the United States Department of Justice announced that the Company “agreed to pay approximately $874.27 million” as part of its deferred prosecution agreement for criminal misconduct.
On this news, Hapoalim’s ADR price fell during intraday trading.
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