WILMINGTON, Del., March 26, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of Gilat Satellite Networks Ltd. (“Gilat” or the “Company”) (NASDAQ GS: GILT) common stock in connection with the proposed acquisition of Gilat by Comtech Telecommunications Corp. (“Comtech”) and Convoy Ltd. (“Merger Sub”) announced on January 29, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Gilat, its Board of Directors (the “Board”), Comtech, and Merger Sub, is captioned Thompson v. Gilat Satellite Networks Ltd., Case No. 1:20-cv-00339 (D. Del.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at https://www.rigrodskylong.com/cases-anixter-international-inc,join.
On January 29, 2020, Gilat entered into an agreement and plan of merger (the “Merger Agreement”) with Comtech and Merger Sub. Pursuant to the terms of the Merger Agreement, shareholders of Gilat will receive $7.18 in cash and 0.08425 shares of Comtech common stock for each share of Gilat common stock they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Comtech’s financial projections and the analyses performed by Gilat’s financial advisor. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Gilat common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than May 25, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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