Straight Path Communications Stockholder Litigation

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Stockholder Class Action And Proposed Settlement With Defendant Davidi Jonas, Settlement Hearing, and Right to Appear (the “Notice”), which you can access by clicking here. Because this website provides just a summary, you should review the Notice for additional details.

Lead Plaintiff and Class Representative Ardell Howard (“Lead Plaintiff”), on behalf of herself and the Class (defined below), settling defendant Davidi Jonas (“D. Jonas” or “Settling Defendant”), and non-party Verizon Communications Inc. (“Verizon”) have reached a settlement in the Action for $12,500,000 in cash (the “Settlement”). The Settlement resolves the claims asserted in the Action as against the Settling Defendant only. The Settlement does not settle or release any claims brought by Lead Plaintiff against non-settling defendants Howard Jonas, The Patrick Henry Trust, or IDT Corporation (together with its parents, affiliates, subsidiaries, officers, directors, predecessors, successors, and assigns, “IDT”) (collectively, the “Non-Settling Defendants”). Lead Plaintiff continues to prosecute her claims against the Non-Settling Defendants.

On December 22, 2022, the Court held a hearing to consider final approval of the Settlement and related matters. On December 27, 2022, the Court entered an Order and Final Judgment finally approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and awarding attorney’s fees and litigation expenses.

If you are a member of the Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Class consists of:

All record and beneficial holders of Straight Path Class B Common Stock, as of February 28, 2018 (the date of the consummation of Verizon’s acquisition of Straight Path) (the “Closing”), who received Acquisition Consideration, together with their respective successors and assigns.

Excluded from the Class are (i) Defendants and the Immediate Family Members of the Individual Defendants; (ii) Straight Path; (iii) any parent, subsidiary, or affiliate of IDT, Straight Path, or The Patrick Henry Trust; (iv) any person or entity who is or was as of the Closing a partner, executive officer, director, or controlling person of any of the foregoing; (v) any entity in which any of the foregoing has or had as of Closing a controlling interest; (vi) Defendants’ directors’ and officers’ liability insurance carriers, and any parents, affiliates, or subsidiaries thereof; and (vii) the legal representatives, agents, heirs, successors, and assigns of any such excluded party (each of the foregoing, an “Excluded Stockholder,” and together, the “Excluded Stockholders”).

Please read the Notice to fully understand your rights and options.

Please note that there is no proof of claim form for Class Members to submit in connection with the Settlement and Class Members are not required to take any action in order to receive a payment from the Settlement.

Please be patient, as it will take some time to conduct the Settlement distribution.