On March 13, 2024, Comtech filed with the SEC a current report on Form 8-K. In this 8-K, Comtech announced that on March 12, 2024, “the Board of Directors (the ‘Board of Directors’) of [Comtech Telecommunications Corp.] terminated Ken Peterman as President and Chief Executive Officer of the Company for cause due to conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements. Upon termination of his employment, Mr. Peterman was deemed to have resigned from his position as Chairman of the Board of Directors and as a director pursuant to his employment contract.”
On this news, Comtech’s stock fell 27% on March 13, 2024.
