BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By Comverse Technology

Shapiro Haber & Urmy LLP is currently investigating stock options backdating practices at over 100 companies, including Comverse Technology.

Regarding Comverse Technology, as reported in The Wall Street Journal, "The maker of telecom software said May 4 that it received a subpoena from the U.S. attorney's office for the Eastern District of New York, indicating a criminal investigation of stock-option-granting practices. CEO Kobi Alexander, as well as the company's CFO and senior general counsel, resigned just days earlier. In April, the company said some option-grant dates used in its accounting "differed" from the actual grant dates, and that it would restate more than five years of financial results. On Aug. 9, the former CEO, CFO and general counsel were charged with criminal fraud.  On Sept. 27, Alexander, who failed to show up in court and was declared a fugitive by the FBI, was found in Namibia, and was set to be extradited to the U.S.  On Oct. 24, ex-CFO Kreinberg pleaded guilty to securities-fraud charges in federal court, making him the first person to plead guilty in the backdating scandal.  On Nov.2 former general counsel William F. Sorin pleaded guilty to a conspiracy charge.  On Jan, 10, 2007, it was announced that Sorin will pay $3 million to settle an SEC lawsuit over stock-option grants.”

If you are a current stockholder in Comverse Technology and would like to learn about your legal rights in seeking to remedy improper options backdating at the company, please click here or call 800-287-8119 to contact our paralegal, Victoria Bird.  Our initial consultation and case assessment will be done at no charge or obligation to you.

Shapiro Haber & Urmy LLP is a leading force in bringing lawsuits on behalf of shareholders who own stock in corporations implicated in the rampant and ongoing stock options backdating scandal.  Led by attorneys Edward F. Haber and Michelle H. Blauner, our firm has already filed numerous cases, in both state and federal courts, concerning the improper backdating of stock options granted to officers, directors, and executives who appear to have used backdated stock options to create for themselves tens, or even hundreds, of millions of dollars in profit and unrealized gain at the direct expense of their corporations.

To learn more about our efforts targeting unlawful corporate stock options practices at corporations nationwide, please click here to view our main stock options backdating webpage, which contains detailed explanations of stock options, option backdating, and why option backdating can be illegal.  Also featured are complaints filed by our firm in other stock options backdating cases, as well as a full list of all the corporations we are currently investigating.