Comverse technology backdating scandal personality test and online dating
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To Read the Full Story Subscribe Sign In Most Popular Videos Is This the Top of the Market? If a company backdated its stock options, but failed to recognize a compensation expense, then the company's accounting may not be correct, and its quarterly and annual financial reports to investors may be misleading.
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We are confident that these claims will be disposed of in short order by the Court.” In the original suit against Comverse executives, lead plaintiff and Comverse investor the Menorah Group charged that Alexander, Sorin, and other officials, including former chief financial officer David Kreinberg, had falsified financial statements to inflate the company’s stock price and to mislead investors about the true condition of the company.
“Central to the alleged fraud was a stock option backdating scheme, in which Comverse granted undisclosed ‘in-the-money’ stock options to its employees by backdating its stock option grants,” noted court documents.
NASDAQ: CMVT, located in New York, develops and markets telecommunications software.