Comverse Technology filed a $70 million lawsuit against its former CEO and co-founder Jacob (Kobi) Alexander and former chief legal counsel William Sorin over their role in the company's backdating affair.
The suit, filed in the State of New York, claims the two knowingly committed acts of fraud and breach of trust. The backdating allegations concern tampering with stock options so they will to coincide with low closing prices of Comverse common stock, thus maximizing profit.
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| Namibia again postpones Kobi Alexander’s fugitive case / Reuters |
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Defense lawyers for former Comverse Technology CEO demand new judge in extradition hearing |
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Alexander fled to Namibia with his family in August of 2006 to avoid a US Securities and Exchange Commission investigation and criminal charges. He was indicted in absentia on 35 counts of securities fraud, money laundering and bribery.
Alexander is fighting extradition to the US in the Namibian courts, which have already postponed the extradition hearing six times. The next hearing in Alexander's case is scheduled for February 25th.
Namibia has granted Alexander an unlimited work visa, after he pledged to invest $38 million in its industries.
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