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HolidayBuyer's Guide
Tech Industry

Short Take: IDT shares tumble

Internet access provicer IDT Thursday saw its shares tumble nearly 16 percent to close at 6-5/8, down 1-1/4, after the company said it would pay $250,000 to settle a multi-state action with state attorneys general over consumer complaints of being charged after canceling service or incurring long distance charges to access service. The company also said it would cut 140 workers from its payroll as it concentrates on its telecommunications business, rather than its dial-up Internet service.

Internet access provicer IDT Thursday saw its shares tumble nearly 16 percent to close at 6-5/8, down 1-1/4, after the company said it would pay $250,000 to settle a multi-state action with state attorneys general over consumer complaints of being charged after canceling service or incurring long distance charges to access service. The company also said it would cut 140 workers from its payroll as it concentrates on its telecommunications business, rather than its dial-up Internet service.