Defense Says Del. Court Misled On Straight Path Merger Suit

By Jeff Montgomery (May 11, 2022, 9:42 PM EDT) -- Attorneys for IDT Corp. and its controller said Wednesday that Delaware's Chancery Court was misled about counsel's handling of nonpublic material for an investment fund that's seeking to lead a suit alleging Straight Path Communications shareholders were shortchanged by $600 million in a $3 billion sale of Straight Path to Verizon Communications Inc. in 2017.

During a daylong evidentiary hearing before Vice Chancellor Sam Glasscock III via video conference, IDT counsel Jason Cyrulnik of Cyrulnik Fattaruso LLP said documents from a Straight Path special committee were relayed to counsel for The Arbitrage Fund in July 2017 — the same month that The Arbitrage...

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