NYSE:IDT Investor Alert: Investigation over potential Wrongdoing at IDT Corporation announced
The Shareholders Foundation announces that an investigation on behalf of current long term investors in shares of IDT Corporation (NYSE:IDT) was launched concerning whether certain officers and directors of IDT Corporation breached their fiduciary duties in connection with certain business dealings.
Newark, NJ based IDT Corporation is a multinational holding company with operations primarily in the telecommunications industry.
Investors who are current long-term stockholders of shares of IDT Corporation (NYSE:IDT), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain IDT officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls. More specifically, the investigation concerns certain executive compensation and several related party transactions involving IDT's Chief Executive Officer and Controlling Shareholder.
IDT Corporation reported that its Total Revenue rose from over $1.19 billion for the 12 months period that ended on July 31, 2010 to over $1.5 billion for the 12 months period that ended on July 31, 2012 and that its respective Net Income increased from $20.29 million to $38.65 million.
Shares of IDT Corporation (NYSE:IDT) declined from $29.61 per share in April 2011 to as low as $8.02 per share in May 2012.
On July 22, 2013, NYSE:IDT shares closed at $19.93 per share.
Those who are current long-term stockholders of IDT Corporation (NYSE:IDT) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego