IDT Corp's stock plummeted 5.14% in the pre-market trading session on Friday, following news that its subsidiary, IDT Electronic Technology (Shenzhen), has faced a bankruptcy petition accepted by the Guangdong Shenzhen Intermediate People's Court.
According to reports, the bankruptcy petition against IDT Electronic Technology (Shenzhen) was filed based on a claim for outstanding salaries for employees from May 2 to September 8. The court has appointed a bankruptcy administrator for the subsidiary, which engages in manufacturing consumer electronics, plastic parts, and providing surface mount technology assembly services.
IDT Corp, the parent company, has stated that it is no longer deemed to have control over the subsidiary and is seeking legal advice on the way forward. This development has raised concerns among investors about the potential financial impact on IDT Corp's operations and performance.
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