Menora Mivtachim v. Perion

── Menora Mivtachim v. Perion ── Court: Court of Appeals for the Second Circuit Date: June 09, 2026 Category: General 25-1831-cv Menora Mivtachim v. Perion UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT SUMMARY ORDER RULINGS BY SUMMARY ORDER DO NOT HAVE PRECEDENTIAL EFFECT. CITATION TO A SUMMARY ORDER FILED ON OR AFTER JANUARY 1, 2007, IS PERMITTED AND IS GOVERNED BY FEDERAL RULE OF APPELLATE PROCEDURE 32.1 AND THIS COURT’S LOCAL RULE 32.1.1. WHEN CITING A SUMMARY ORDER IN A DOCUMENT FILED WITH THIS COURT, A PARTY MUST CITE EITHER THE FEDERAL APPENDIX OR AN ELECTRONIC DATABASE (WITH THE NOTATION “SUMMARY ORDER”). A PARTY CITING A SUMMARY ORDER MUST SERVE A COPY OF IT ON ANY PARTY NOT REPRESENTED BY COUNSEL. At a stated term of the United States Court of Appeals for the Second Circuit, held at the Thurgood Marshall United States Courthouse, 40 Foley Square, in the City of New York, on the 9th day of June, two thousand twenty-six. Present: AMALYA L. KEARSE, WILLIAM J. NARDINI, BETH ROBINSON, Circuit Judges. _____________________________________ IN RE PERION NETWORK LTD. SECURITIES LITIGATION. MENORA MIVTACHIM INSURANCE LTD., MENORA MIVTACHIM PENSIONS AND GEMEL LTD., MENORA MIVTACHIM VEHISTADRUT HAMEHANDESIM NIHUL KUPOT GEMEL LTD, CLAL INSURANCE COMPANY LTD., CLAL PENSION AND PROVIDENT LTD., ATUDOT PENSION FUND FOR EMPLOYEES & INDEPENDENT WORKERS LTD., Lead Plaintiffs-Appellants, v. 25-1831-cv PERION NETWORK LTD., DORON GERSTEL, TAL JACOBSON, MAOZ SIGRON, ASAF KATZIR, 1  Defendants-Appellees. ∗ _____________________________________ For Plaintiffs-Appellants: JEREMY A. LIEBERMAN (Michael Grunfeld, on the brief), Pomerantz LLP, New York, NY. For Defendants-Appellees: EDMUND P. POLUBINSKI III (Dana M. Seshens, Esther C. Townes, on the brief), Davis Polk & Wardwell LLP, New York, NY. Appeal from a judgment of the United States District Court for the Southern District of New York (Valerie E. Caproni, District Judge). UPON DUE CONSIDERATION, IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that the judgment of the district court is AFFIRMED and the matter is REMANDED with instructions to enter an amended judgment clarifying that claims asserted by Plaintiffs- Appellants under Israeli securities law are dismissed without prejudice. Plaintiffs-Appellants Menora Mivtachim Insurance Ltd., Menora Mivtachim Pensions and Gemel Ltd., Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd, Clal Insurance Company Ltd., Clal Pension and Provident Ltd., and Atudot Pension Fund for Employees & Independent Workers Ltd. (collectively “Menora Mivtachim”) appeal from a judgment of the United States District Court for the Southern District of New York, entered on July 29, 2025, dismissing with prejudice an Amended Complaint against Defendants-Appellees Perion Network Ltd. (“Perion”) and four of its officers—Doron Gerstel, Tal Jacobson, Maoz Sigron, and Asaf Katzir (the “Officer Defendants”). Perion is in the search advertising business, meaning that it distributes other companies’ ∗ The Clerk of the Court is respectfully directed to amend the caption on this Court’s docket to be consistent with the caption on this order. 2 online search engines to third-party search publishers (owners of browser extensions, desktop and mobile apps, and the like) and then “share[s] in the revenue that was generated from advertisements that were shown in response to searches that internet users conducted while us