Defendant Name:
Comverse Technology, Inc.
Defendant Type:
Public Company
Document Reference:
LR-21090
Document Details
Legal Case Name
SEC v. Comverse Technology, Inc.
Document Name
SEC Sues Comverse Technology, Inc. for Fraudulent Options Backdating and Earnings Management Schemes
Document Date
18-Jun-2009
Document Format
Civil Proceeding
Case Number
09-cv-02588
Federal District Court
New York, Eastern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The SEC stated that: "[It] filed a
settled civil action in the United States District Court for the Eastern District
of New York against Comverse Technology, Inc. ("Comverse") alleging that
it engaged in two separate fraudulent schemes, during the course of more
than a decade, to materially misstate its financial condition and
performance metrics. According to the Complaint, as a result of its
improper conduct, Comverse was able to portray itself as a company with
steady, but measured growth, which regularly met analysts' earnings
targets."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Cooperation Before the Resolution
