Comverse Technology
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Comverse Technology, Inc. (Pink Sheets: CMVT) located in New York, develops and markets telecommunications software. Founded in 1981, the company focuses on providing services to third party telecommunication service providers.
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[edit] Subsidiaries
- Comverse: Sells software and systems for network-based multimedia communication and billing services.
- Verint Systems
- Ulticom
- Startel
- Starhome
Comverse has 100 local offices in 40 countries, with corporate headquarters located in Wakefield, Massachusetts, USA.[1]
[edit] Options backdating
Comverse is one of the most notable companies involved in the options backdating scandal. The Ex-CEO of Comverse, Jacob Alexander, an Israeli citizen, has been classified as a wanted fugitive from August 2006 by the American Federal Bureau of Investigation. Along with former finance chief David Kreinberg and former senior general counsel William Sorin, Alexander faces multiple charges of conspiracy, securities fraud, wire fraud, mail fraud, money laundering and making false filings to the Securities and Exchange Commission; all of these charges relate to alleged options backdating or other actions related to stock options.
On September 27, 2006, he was arrested in Namibia after hiding in Windhoek with his family, where he had bought a house at a Country Club. If extradited to the US he could face 25 years in prison if convicted. (BBC News) (Bloomberg) (The Namibian Newspaper)
[edit] Delisiting
As a result of the accounting issues from Comverse's option backdating, Comverse was unable to file timely financial reports with the SEC, and a result its stock was delisted from the Nasdaq Stock Market on February 1, 2007, and removed from the S&P 500 and Nasdaq-100 at the same time. The stock now trades on the Pink Sheets.
