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.