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Photo: Michael Kramer
Comverse offices in Tel Aviv (archive photo)
Photo: Michael Kramer

Comverse to be delisted by Nasdaq

Software company delayed filing financial reports, putting it out of compliance with NASDAQ rules

Comverse Technology Inc. said Wednesday it received notice that its stock will be delisted by Nasdaq on Thursday, after which shares will be quoted in the Pink Sheets.

 

The company expects the trading symbol will remain CMVT or CMVT.PK.

 

Voice mail software maker Comverse delayed filing financial reports -- putting it out of compliance with NASDAQ rules -- as it investigates past accounting practices, including its stock option grants.

 

The company is one of about 200 companies that are under federal scrutiny or have launched internal investigations of stock option grant practices.

 

US prosecutors charge that Comverse CEO and founder Jacob "Kobi" Alexander, as along with other company executives, conspired to backdate the company’s options and falsifying financial statements to conceal the fraud from shareholders.

 

After an international manhunt, Alexander was arrested in Namibia in late September. He was released on bail by a magistrate judge there and remains free as the Namibian government mulls a recent extradition request from the United States.

 

"We are committed to regaining compliance with all filing requirements and obtaining relisting of our common stock in a timely manner," said Chairman Mark Terrell.

 

Comverse shares fell 42 cents, or 2.1 percent, in morning trading on the Nasdaq. 

 


פרסום ראשון: 01.31.07, 20:18
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