Delaware Supreme Court Affirms Court of Chancery's Dismissal of Claims Against IDT Related to Straight Path Communications Sale to Verizon

Core Viewpoint - The Delaware Supreme Court affirmed the dismissal of all claims against IDT Corporation, indicating no harm to Straight Path Communications Inc. shareholders, thus validating IDT's position in the lawsuit [1][2]. Group 1: Legal Outcome - The Delaware Supreme Court's decision puts to rest the lawsuit against IDT, affirming the Court of Chancery's ruling that dismissed all claims [2]. - The ruling found that Straight Path's stockholders did not incur any damages, contrary to the claims made by the plaintiffs [2]. Group 2: Company Background - IDT Corporation is a global provider of fintech and communications solutions, operating through various synergistic businesses [4]. - The company’s portfolio includes National Retail Solutions, BOSS Money, net2phone, IDT Digital Payments, and IDT Global, which offer a range of services from retail solutions to international remittances and cloud communications [4]. Group 3: Historical Context - Straight Path was spun off from IDT in 2013 and was sold to Verizon Communications for $3.1 billion in 2017 [2]. - The class action suit was filed in 2017 by plaintiffs representing former stockholders of Straight Path [2].