Delaware Supreme Court Affirms Court of Chancery’s Dismissal of Claims Against IDT Related to Straight Path Communications Sale to Verizon
IDT (NYSE: IDT) said the Delaware Supreme Court on Dec. 3, 2025 affirmed the Court of Chancery’s post-trial dismissal of all claims against IDT in a class action related to Straight Path Communications.
Sentiment and the balance of points
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Rhea-AI Summary
IDT (NYSE: IDT) said the Delaware Supreme Court on Dec. 3, 2025 affirmed the Court of Chancery’s post-trial dismissal of all claims against IDT in a class action related to Straight Path Communications.
The courts found no damages to Straight Path shareholders. Straight Path was spun off in 2013 and sold to Verizon for $3.1 billion in 2017. IDT characterized the ruling as vindication of its position.
Positive
- Delaware Supreme Court affirmed dismissal on Dec. 3, 2025
- Court found no damages to Straight Path shareholders
- Straight Path sale value: $3.1 billion (2017)
Negative
- Class action litigation spanned 2017–2025, creating a multi-year legal overhang
Details
News Market Reaction – IDT
On Dec 3, the day this news came out, IDT closed 2.10% above the previous close.
Data tracked by StockTitan Argus for the Dec 3 session.
Key Figures
- Straight Path sale price
- $3.1 billion
- 2017 sale of Straight Path to Verizon
- Straight Path spin-off year
- 2013
- Year Straight Path was spun off from IDT
- Supreme Court decision date
- Dec. 3, 2025
- Date Delaware Supreme Court affirmed dismissal
- Class action filing year
- 2017
- Year plaintiffs filed Straight Path class action suit
Historical Context
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Reported 1Q26 revenue and profits increasing across key segments.
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Supreme Court affirmed dismissal of all Straight Path claims.
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net2phone launched HIPAA-compatible AI agent for healthcare.
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Announced timing and access details for upcoming 1Q26 results.
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NRS enabled Grubhub integration for independent retail network.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
class action regulatory
forward-looking statements regulatory
point-of-sale (POS) technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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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