|Company Name||Orbotech Ltd.|
On May 22, 2017, Orbotech disclosed a tax assessment of approximately $58 million issued by the Israel Tax Authority (“ITA”) for fiscal years 2012-2014. Orbotech further disclosed that the ITA has questioned certain of the Company’s employees, including officers in connection with a potential criminal investigation into the tax liabilities.
On this news, shares of Orbotech fell sharply, over 7% or $3.00 per share, during intraday trading on May 22, 2017.
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