Delaware Supreme Court affirms lower court dismissal of claims against IDT

IDT Corp (IDT)oration 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 shareholders, stating: “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 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.” The company added: “Straight Path was spun off from IDT in 2013 and, in 2017, was sold to Verizon (VZ) 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.”