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| Comverse Technology, Inc. | |
|---|---|
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| Type | Public (Pink Sheets: CMVT) |
| Founded | 1982 |
| Headquarters | Woodbury, New York |
| Key people | Kobi Alexander, Founder, Ex CEO Mark Terrel, Non Executive Chairman Andre Dahan, CEO |
| Industry | Computer Software |
| Revenue | $1.2 Billion USD |
| Net income | $150 Million USD |
| Employees | 5,000 |
| Website | www.cmvt.com |
Comverse Technology, Inc. (Pink Sheets: CMVT) is an American Technology company located in Woodbury, New York, which develops and markets telecommunications software. Founded in 1982, the company focuses on providing services to third party telecommunication service providers.
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Subsidiaries
- Comverse: Sells software and systems for network-based multimedia communication and billing services. It has 100 local offices in 40 countries, with its corporate headquarters located in Wakefield, Massachusetts, USA
- Verint Systems
- Ulticom
- Startel
- Starhome
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 US Federal Bureau of Investigation. He currently lives in Namibia. 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)
Delisting
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.
