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Delaware Supreme Court Affirms Court of Chancery’s Dismissal of Claims Against IDT Related to Straight Path Communications Sale to Verizon
NEWARK, NJ, Dec. 03, 2025 (GLOBE NEWSWIRE) -- IDT Corporation (NYSE: IDT), a global provider of fintech and communications services, commented on the decision issued today by the Delaware Supreme Court affirming the Court of Chancery’s post-trial decision dismissing all claims against IDT and finding no harm to Straight Path Communications Inc. (“Straight Path”) shareholders. “We are very pleased by today’s decision from the Delaware Supreme Court, which puts to rest this lawsuit by affirming th
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[{"type":"image","alt":"IDT Corporation","displaySize":"","headline":null,"caption":"IDT Corporation","className":"","disableSlideshowImg":false,"size":{"original":{"width":82,"height":108,"url":"https://media.zenfs.com/en/globenewswire.com/27a36e79d2ae60c23f1661d27609db39"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/ZhqzAlJFxNZTD_OF8Plc4A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTExMDtoPTE0NTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/27a36e79d2ae60c23f1661d27609db39","width":82,"height":108}},"lazy":false},{"type":"text","content":"NEWARK, NJ, Dec. 03, 2025 (GLOBE NEWSWIRE) -- IDT Corporation (NYSE: IDT), a global provider of fintech and communications services, commented on the decision issued today by the Delaware Supreme Court affirming the Court of Chancery’s post-trial decision dismissing all claims against IDT and finding no harm to Straight Path Communications Inc. (“Straight Path”) shareholders.","length":378,"tagName":"p"},{"type":"text","content":"“We are very pleased by today’s decision from the Delaware Supreme Court, which puts to rest this lawsuit by affirming the post-trial decision of the Court of Chancery. That decision dismissed all claims against IDT and found that contrary to the plaintiff’s claims, Straight Path’s stockholders did not incur any damages whatsoever,” said Shmuel Jonas, IDT’s CEO. “We have said all along that this class action suit was without merit, and today’s decision upholding the Court of Chancery’s decision vindicates IDT’s position.”","length":527,"tagName":"p"},{"type":"text","content":"Straight Path was spun off from IDT in 2013 and, in 2017, was sold to Verizon Communications for $3.1 billion. The Court of Chancery’s ruling came in a class action suit filed in 2017 by plaintiffs on behalf of the former stockholders of the Company’s former subsidiary, Straight Path.","length":285,"tagName":"p"},{"type":"text","content":"All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results ...