IDT Corporation announces Delaware Supreme Court's decision affirming dismissal of claims against it regarding Straight Path Communications shareholders.
Quiver AI Summary
IDT Corporation announced that the Delaware Supreme Court has upheld the dismissal of all claims against the company regarding a class action lawsuit related to its former subsidiary, Straight Path Communications Inc. The court found that Straight Path's shareholders suffered no damages, affirming the position of IDT and its CEO, Shmuel Jonas, who stated that the lawsuit was without merit. Straight Path, which was spun off from IDT in 2013, was sold to Verizon Communications in 2017 for $3.1 billion. This ruling is seen as a validation of IDT's stance throughout the legal proceedings. The press release also includes a disclaimer about forward-looking statements and provides information about IDT’s business operations in fintech and communications services.
Potential Positives
- IDT Corporation successfully had all claims against it dismissed by the Delaware Supreme Court, affirming the Court of Chancery’s post-trial decision.
- The court found that Straight Path Communications Inc. shareholders did not incur any damages, thereby protecting IDT from further financial liability.
- This decision vindicates IDT's stance that the class action suit was without merit and strengthens its reputation in the marketplace.
Potential Negatives
- The press release addresses a lawsuit that was filed against IDT, indicating potential past issues related to the company's handling of its subsidiary, Straight Path Communications Inc.
- Even though the court ruling was in favor of IDT, the fact that a class action suit was pursued against the company could damage its public perception and investor confidence.
- The emphasis on "forward-looking statements" suggests uncertainty about future performance and potential risks that may concern stakeholders.
FAQ
What was the Delaware Supreme Court's decision regarding IDT Corporation?
The Delaware Supreme Court upheld the dismissal of all claims against IDT, affirming no harm to Straight Path shareholders.
What was IDT Corporation's response to the court ruling?
IDT's CEO expressed satisfaction with the decision, stating it vindicated IDT's position that the lawsuit was without merit.
What is the background of Straight Path Communications?
Straight Path was spun off from IDT in 2013 and sold to Verizon Communications for $3.1 billion in 2017.
What does IDT Corporation do?
IDT provides fintech and communications services, including solutions for retail, remittances, cloud communications, and digital payments.
How can I contact IDT Investor Relations?
You can reach IDT Investor Relations at (973) 438-3838 or via email at [email protected].
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IDT Insider Trading Activity
$IDT insiders have traded $IDT stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $IDT stock by insiders over the last 6 months:
- BILL PEREIRA (COO & President) sold 41,933 shares for an estimated $2,081,168
- ERIC F. COSENTINO has made 0 purchases and 2 sales selling 1,000 shares for an estimated $63,146.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$IDT Revenue
$IDT had revenues of $316.6M in Q4 2025. This is an increase of 2.51% from the same period in the prior year.
You can track IDT financials on Quiver Quantitative's IDT stock page.
$IDT Hedge Fund Activity
We have seen 108 institutional investors add shares of $IDT stock to their portfolio, and 104 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FIRST TRUST ADVISORS LP added 319,180 shares (+98.8%) to their portfolio in Q3 2025, for an estimated $16,696,305
- MILLENNIUM MANAGEMENT LLC added 220,740 shares (+230.0%) to their portfolio in Q3 2025, for an estimated $11,546,909
- ACADIAN ASSET MANAGEMENT LLC added 153,955 shares (+64.2%) to their portfolio in Q3 2025, for an estimated $8,053,386
- JACOBS LEVY EQUITY MANAGEMENT, INC added 135,894 shares (+408.7%) to their portfolio in Q3 2025, for an estimated $7,108,615
- D. E. SHAW & CO., INC. removed 120,055 shares (-32.1%) from their portfolio in Q3 2025, for an estimated $6,280,077
- ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC removed 90,760 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $4,747,655
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 89,917 shares (+231.0%) to their portfolio in Q3 2025, for an estimated $4,703,558
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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 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.”
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.
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 expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
Contact
:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail:
[email protected]
# # #
