Comverse technology stock option backdating
The three founders had trouble working with each other, and Yemini divorced Alexander's sister; in 1987, Alexander was left with sole control of the company after the other two pulled out.The company was a penny stock on the edge of collapse.Alexander and two other top executives were charged in the US with multiple counts of conspiracy, fraud, money laundering and making false filings.
Deutsche Telekom became one of the company's biggest early customers.The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators.Comverse Technology had several wholly or partly owned subsidiaries.It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.
While headquartered in the US, most of the company's research and development was done in Israel; Comverse became one of the more visible success stories in Israel's hi-tech industry.By 1991, the company had annual sales of million and was selling a combined voice and fax mailbox system.Many of its early successes came from avoiding the huge telecommunications companies in the U. and instead focusing on selling to small- and medium-sized companies in the wireless market in Europe.The name "Comverse" was chosen as a fusion of the words "communication" and "versatility".
Three former executives of software vendor Comverse Technology Inc. have been charged in connection with backdating millions of the company's stock options, federal officials said. Former Chief Executive Officer Jacob "Kobi" Alexander.… continue reading »
Comverse Technology Inc CMVT. PK settled a class action lawsuit over stock options backdating on Thursday for $225 million, with ex-CEO Jacob "Kobi" Alexander, who fled to Namibia, contributing $60 million, lawyers representing the investors said.… continue reading »
LOS ANGELES, Dec 17 Reuters - Comverse Technology Inc settled a class action lawsuit over stock options backdating on Thursday for $225 million, with ex-CEO Jacob “Kobi” Alexander, who fled to Namibia, contributing $60 million, lawyers representing the investors said.… continue reading »
Because of the accounting issues from the option backdating, Comverse Technology was unable to file full or timely financial reports with the SEC. Its stock was delisted from the Nasdaq Stock Market on 1 February 2007, and removed from the S&P 500 and NASDAQ-100 at the same time.… continue reading »
Charged with options backdating, Comverse was one of the most known cases, and in the words of a pair of financial writers, " Comverse was the poster child for stock option fraud."62. Continuing difficulties. The scandal proved difficult for Comverse Technology to recover from.1440.… continue reading »
Backdating of Executive Stock Option ESO Grants. What is backdating?Comverse Technology Inc. indicated it will restate more than five years of financial results and three executives including the CEO have resigned.… continue reading »