Comverse technology stock option backdating

The two independent companies that carried on its most well-known product lines were a newly independent Comverse and Verint Systems.After further mergers Comverse became Xura in 2015 and then Mavenir in 2017, while part of the Comverse business went to Amdocs in 2015.The name "Comverse" is a fusion of the words "communication" and "versatility".Founded in 1982, the company went public on the Nasdaq Stock Market in 1986.It was one of Israel's largest employers of software engineers, was closely followed in the nation's business press, and was the first Israeli-associated company to join the S&P 500 index.In 2006, Comverse was involved in an options backdating scandal.The three quickly returned to Israel and started the company, with the goal of securing Israeli government grants to fund the research and development work.

comverse technology stock option backdating-58

Deutsche Telekom became one of the company's biggest early customers.The scandal proved difficult for Comverse Technology to recover from; the company was delisted from Nasdaq, removed from the S&P 500, and spent the next several years consumed by the costly need to restate its financial reports for several years.Additionally affected by the financial crisis of 2008 and on and changes in the mobile phone market, the company underwent several rounds of large-scale layoffs and sold off parts of its business. During 20, Comverse Technology divested itself of all its holdings and ceased to exist.Under his lead, Alexander was credited with turning around Comverse's fortunes.In 1989, the Ascom Group made a million direct investment in the company.

Leave a Reply