According to the Complaint, Gilat Satellite Networks Ltd. is a leading global provider of satellite-based broadband communications.

This action stems from a proposed transaction announced on January 29, 2020, pursuant to which Gilat Satellite Networks Ltd. will be acquired by Comtech Telecommunications Corp.

On January 29, 2020, Gilat’s Board of Directors caused the Company to enter into an agreement and plan of merger with Comtech. Pursuant to the terms of the Merger Agreement, Gilat’s stockholders will receive $7.18 in cash and 0.08425 shares of Parent common stock for each share of Gilat common stock they own.

On March 2, 2020, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.

On October 5, 2020, Gilat and Comtech agreed to terminate the merger agreement. Plaintiff voluntarily dismissed this case on the same day.