IDT Corporation (IDT) is a multinational provider of cloud communications, point of sale systems, unified communications, and financial services for businesses and consumers. Incorporated in Delaware and headquartered in Newark, New Jersey, its common stock is traded on the NYSE.
According to its SEC filings, on April 1, 2004 a former employee of IDT filed a complaint in the United States District Court, District of New Jersey, following his termination. The complaint alleged, among other things, that improper payments were made to foreign officials in connection with an IDT Telecom, Inc. contract. As a result, the DOJ, the SEC and the United States Attorney in Newark, New Jersey initiated investigations with respect to this matter. IDT’s Audit Committee of the Board of Directors also initiated independent investigations, conducted by outside counsel. IDT cooperated with all investigations into the matter.
In its June 10, 2013 10-Q filing, IDT disclosed that in March 2013, the company was informed by the DOJ and SEC that each agency’s investigation into the matter was closed.