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Case Status:    DISMISSED    
On or around 10/09/2020 (Other)

Filing Date: May 06, 2020

According to the Complaint, Comtech Telecommunications Corp. provides communications solutions for both commercial and government customers worldwide.

On January 29, 2020, Comtech and Gilat Satellite Networks Ltd. entered into an Agreement and Plan of Merger, pursuant to which Gilat’s shareholders will receive a combination of (i) $7.18 in cash and (ii) 0.08425 shares of Comtech common stock in exchange for each share of Gilat common stock they own. Comtech and Gilat have told shareholders that the implied value of the Merger Consideration is $10.25 per Gilat common share.

On April 3, 2020, Defendants authorized the filing of a proxy statement/prospectus (the “Proxy”) with the Securities and Exchange Commission. The Complaint alleges that the Proxy is materially incomplete and misleading, particularly about Comtech’s material financial projections.

On October 5, 2020, Comtech and Gilat agreed to terminate the merger agreement. This case was voluntarily dismissed on October 8.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CMTL
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 20-CV-02070
JUDGE: Hon. Raymond J. Dearie
DATE FILED: 05/06/2020
CLASS PERIOD START: 01/29/2020
CLASS PERIOD END: 05/06/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Monteverde & Associates PC (Empire St. Bldg)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available