Form 8-K - Current report
03 Octubre 2023 - 11:54AM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 3, 2023
IDT
CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware |
|
1-16371 |
|
22-3415036 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification No.) |
520
Broad Street Newark, New Jersey |
|
07102 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (973) 438-1000
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
B common stock, par value $0.01 per share |
|
IDT |
|
New
York Stock Exchange. |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01. Regulation FD Disclosure
On
October 3, 2023, IDT Corporation (the “Registrant”) issued a press release. A copy of the press release concerning the foregoing
results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The
Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated
by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with
the SEC or incorporated by reference into any other filing with the SEC. In addition, the Presentation contains statements intended as
“forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in
the Presentation.
Item
9.01. Financial Statements and Exhibits.
Exhibit
No. |
|
Document |
99.1 |
|
Press Release. |
104 |
|
Cover
Pager Interactive Data File, formatted in Inline XBRL document |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
IDT
CORPORATION |
|
|
|
|
By: |
/s/
Shmuel Jonas |
|
Name: |
Shmuel
Jonas |
|
Title: |
Chief
Executive Officer |
Dated:
October 3, 2023
Exhibit
99.1
IDT
Corporation Comments on Favorable Decision by the Delaware Court of Chancery in a Class Action Lawsuit Related to Straight Path Communications
Sale to Verizon
Court
dismisses claims against IDT and finds that the Class suffered no damages
NEWARK,
NJ – October 3, 2023: IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications
services, today commented on the decision by the Court of Chancery of the State of Delaware in a class action on behalf of the former
stockholders of the Company’s former subsidiary, Straight Path Communications Inc. (“Straight Path”). Straight Path
was spun off from IDT in 2013 and, in 2017, was sold to Verizon Communications for $3.1 billion. The Court dismissed the claims against
IDT and found that, contrary to the plaintiffs’ allegations, the Class suffered no damages.
“We
are very pleased that the Court today dismissed all claims against IDT and found that Plaintiff and the Class ‘suffered no damages,’”
said Shmuel Jonas, IDT’s CEO. “We encourage our stakeholders to carefully review Vice Chancellor Glasscock’s decision.
The charges the plaintiffs advanced for years have now been resolved by the Court of Chancery.”
The
Court of the Chancery’s decisions are available for review and download here:
https://courts.delaware.gov/opinions/index.aspx?ag=court%20of%20chancery
The
lawsuit, filed by the plaintiffs in 2017, alleged that the Company aided and abetted Straight Path’s Chairman of the Board and
Chief Executive Officer Davidi Jonas, and Howard S. Jonas in his capacity as controlling stockholder of Straight Path, in forcing an
unfair settlement of claims between Straight Path and the Company at the time of the sale of Straight Path. The Court found that the
settlement in fact exceeded the value of those claims, and that there was no harm to Straight Path stockholders as plaintiffs alleged.
The
plaintiffs will have 30 days from entry of the final order to file an appeal to the Supreme Court of Delaware.
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, cloud communications, and traditional communications services. We
make it easy for families to contact and support each other across international borders. We also enable businesses to transact and communicate
with their customers with enhanced intelligence and insight.
Our BOSS
Money international remittance, IDT Digital Payments and BOSS Revolution international calling services make sending
money, paying for products and services, and speaking with friends and family around the world convenient and reliable. National
Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions
more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone’s
communications-as-a-service solutions provide businesses with intelligently integrated cloud communications and collaboration tools
across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to
provision and manage international voice and SMS services.
Contact:
Bill Ulrey
IDT
Investor Relations
Phone:
(973) 438-3838
E-mail:
invest@idt.net
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