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Comverse technology stock option backdating

comverse technology stock option backdating-64

The settlement consists of a number of different components, the most significant of which is Alexander’s agreement to pay the $60 million to Comverse.As reflected in the company’s December 18, 2009 filing of Form 8-K (here), Alexander is to pay the $60 million into the derivative settlement fund and then the amounts are to be transferred to the class action settlement fund.

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By the mid-1990s, one of its most successful products allowed legal authorities and intelligence agencies to record and store data collected from intercepted communications.In recent years, stock option backdating schemes have been widely reported by the media.However, the regulatory, governance, and ethical ramifications of backdating have been largely overlooked in textbooks and classroom discussions in business schools.That exercise price, or strike price, usually takes one of three forms: the closing price on the day of the grant; an average of the highs and lows of the day; or the closing price from the previous day.The lower the strike price, the greater the potential for making money when exercising the options.Among other things, Alexander has agreed to transfer certain investment accounts, real estate assets, insurance policies and other assets.

Among other things, Alexander also agreed to relinquish his counterclaims against the company.

Comverse Technology, Inc., founded in Israel, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software.

The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators.

Starting in the late 1990s, Comverse's voice messaging software became its main product and the company grew rapidly with the surge in mobile phone use, passing the $1 billion mark in revenues.

It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.

The former Comverse Technology chief executive officer who authorities say fled to Africa a decade ago to avoid prosecution in a stock options scandal will return to the United States and plead guilty to a criminal charge, his lawyer said on Monday.