Request Legal Help Now - Free

Advertisement
LAWSUITS NEWS & LEGAL INFORMATION

Comverse Shareholder Settlement Agreed at $225 Million


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: A settlement totalling $225 million has been reached in the class action lawsuit brought against Comverse Technologies on allegations of stock option backdating.

Under the terms of the settlement, the former CEO Jacob "Kobi" Alexander, who absconded to Namibia in 2006 to avoid federal charges of fraud, will pay roughly $60 million toward the total settlement. Comverse's former general counsel and CFO are putting in more than $1 million, and the company's former auditor, Deloitte & Touche is putting in $275,000.

Earlier this month a $62 million settlement was reached between the law firm representing derivative plaintiffs and Comverse.

In addition to the financial portion of the settlement, Comverse has agreed to make significant changes to its corporate governance including making the chairman of the board an independent director, and separating the positions of chairman and CEO.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Dec-29-09


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free