Comverse backdating settlement
Alexander, 64, an Israeli citizen who founded digital voicemail pioneer Comverse in 1982, returned last year to plead guilty to securities fraud […] Although the days of “options backdating” prosecutions and SEC enforcement actions are long past, one notable case has remained on the back burner: the case against former Comverse Technology Inc.CEO Jacob “Kobi” Alexander, a fugitive in Namibia since 2006.Subject to the Court’s approval, the forfeited funds will be distributed to investors in accordance with the terms of the related class and derivative action settlements. Separately, the United States Attorney’s Office for the Eastern District of New York today filed a stipulation of settlement of their civil forfeiture action against certain of Mr. All Funds on Deposit at Citigroup Smith Barney Account No. SEC Chairman Christopher Cox, speaking at the Reuters Regulation Summit in Washington earlier this week, said the investigations were proceeding at a normal pace and more charges would be filed.Comverse Technology, Inc., was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software.
Ulticom has said it was in the process of restating its historical financial statements for option grant accounting.
The SEC said it is continuing to investigate the Comverse case.
The stock option backdating scandal has ensnared almost 200 companies, according to company disclosures that have revealed internal investigations as well as probes by the SEC, Internal Revenue Service and Justice Department.
A lawyer for Sorin did not immediately return calls for comment.
Comverse is one of two high-technology companies, along with Brocade Communications Systems, whose executives have faced SEC charges in the recent stock option backdating scandal that has put more than 130 companies under SEC scrutiny.