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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

Written by Customer Service on . Posted in Public Companies.

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: invest@idt.net

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