LAWSUITS NEWS & LEGAL INFORMATION
Tentative Settlement Pending in Comverse Technology Class Action
This is a settlement for the Securities/Stock Fraud lawsuit.
New York, NY: A settlement that would bring to a close the securities class action against the software maker Comverse Technology is pending court approval. The expected settlement sum is between $150 and $300 million.
The class action stemmed from civil charges brought by the US Securities and Exchange Commission, that former executives, primarily Jacob "Kobi" Alexander, had enriched themselves by millions of dollars by implementing over a 10-year period, a fraudulent scheme to illegally backdate stock options for themselves and others.
Published on Dec-16-09
The class action stemmed from civil charges brought by the US Securities and Exchange Commission, that former executives, primarily Jacob "Kobi" Alexander, had enriched themselves by millions of dollars by implementing over a 10-year period, a fraudulent scheme to illegally backdate stock options for themselves and others.
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