Comverse backdating

Due to his absence in Namibia, the arrangements for his payment of the million are complicated, and are set out in a separate agreement (here).

Among other things, Alexander has agreed to transfer certain investment accounts, real estate assets, insurance policies and other assets.

The settlement consists of a number of different components, the most significant of which is Alexander’s agreement to pay the million to Comverse.While Alexander remained safely ensconced in his Namibian hideaway, the government’s prosecution of other Comverse executives went on.In a December 28, 2009 press release (here), the plaintiffs’ lawyers announced the settlement of the Comverse Technology options backdating-related derivative lawsuit.The government considers Alexander a fugitive and has tried to extradite him for years.Prosecutors charged the former CEO in 2006, claiming he made millions off the backdating...Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.In the latest example of an auditor’s work being tied to fraud allegations, former Comverse Technologies CEO Jacob “Kobi” Alexander and the company’s one-time legal counsel, William Sorin, are suing Deloitte & Touche in connection with the purported -million stock-option backdating scandal that came to light more than two years ago.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 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.

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