Rob yolanda chatgirl - Comverse backdating settlement
The settlement was reached this week by lawyers for Juniper and the lead plaintiff, a group of New York City pension funds that had invested in Juniper.
New York City Comptroller John Liu said the settlement signals that executives can't "play by their own rules behind closed doors." The settlement must be approved by a federal judge in San Jose. In 2007, Juniper settled Securities and Exchange Commission charges over its options practices.
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Comverse Technology is finalizing a settlement with investors who filed a class-action lawsuit against the software maker to recoup losses related to backdated stock options. District Court where it was filed before it can be implemented, is part of Comverse's preparations before it resumes publication of full financial reports, a step scheduled for February.
The telecommunications software maker is expected to pay out between $150 million and $300 million. Comverse has not published financial statements since March 2006, several months after the U. Securities and Exchange Commission filed civil charges against three former senior executives, first and foremost founder and former leader Jacob "Kobi" Alexander, had reach made millions of dollars from a decade-long fraudulent scheme to illegally backdate stock options for themselves and others. After the scandal broke, Comverse founder and former Alexander fled to Namibia, where he is facing fighting extradition to the United States.
Comverse, Inc., which provides communications companies with software such as voice mailboxes, text messaging and multimedia transmission services for cellular telephones, is one of four Comverse subsidiaries.
The others include Verint Systems, which specializes in sophisticated audio and video recording systems and competes with NICE Systems; Ulticom, which sells software solutions to cellular networks; and Starhome, a little-known company that specializes in roaming services for cellular service providers. and Verint had been relegated to the pink sheets, the secondary list of the Nasdaq stock exchange, because they were not publishing audited financial statements due to the backdating affair.
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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 million toward the total settlement.The company did not admit wrongdoing and did not have to pay a fine.The commission alleged that Juniper drastically understated its expenses in a scheme executed "unilaterally" by Juniper's general counsel, Lisa Berry.* Alexander to forfeit .6 mln, pay mln SEC fine * Defendant fighting extradition over criminal charges * No admission of wrongdoing in civil settlement (Recasts first four paragraphs, adds forfeiture details) By Jonathan Stempel NEW YORK, Nov 23 (Reuters) - Jacob “Kobi” Alexander, the fugitive former chief executive of Comverse Technology Inc CMVT. Alexander is in Namibia, where he was arrested in September 2006 after a global manhunt. Securities and Exchange Commission lawsuit, as well as a civil forfeiture action by U. Alexander is pleased to have resolved the SEC and civil forfeiture actions, and to put these matters behind him.” He declined to comment on the extradition proceedings. government litigation over the backdating of stock options. It includes a million fine payable to the SEC, and does not affect the government’s criminal case. “Alexander fled halfway around the world, but he was not able to escape the financial consequences of his crimes.” Jeremy Temkin, a partner at Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer PC representing Alexander, said: “Mr.Comverse, a New York-based software developer, agreed last December to settle an investor lawsuit over backdating for 5 million.Tags: Adult Dating, affair dating, sex dating