If You Purchased Comverse Techonology, Inc. Common Stock During The Period Of April 30, 2001 Through January 29, 2008 (The “Class”), Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit pending against Comverse Technology, Inc. (“Comverse”) a leading provider of software and systems enabling network-based multimedia enhanced communication and billing services, Jacob “Kobi” Alexander, David Kreinberg , William F. Sorin, John H. Friedman, Sam Oolie, and Ron Hiram (collectively the “Defendants”) in the United States District Court for the Eastern District of New York (styled In re Comverse Technology, Inc. Securities Litigation, No. CV 06-1825-(NGG) (RER)) alleging that Defendants issued false and misleading statements relating to alleged accounting irregularities relating to stock option grants and options backdating, in violation of Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934, according to the Comverse Technology securities class action settlement notice.
The Comverse Technology securities class action settlement reportedly requires the Defendants to provide the Class with a $225,000,000 settlement fund (“Settlement Amount”). Attorney fees and expenses, notification costs, a compensatory award to the Lead Plaintiff, and claims administration costs will reportedly be deducted from the Settlement Amount. The Settlement Amount minus these fees, costs, expenses, and awards reportedly will be distributed to class members who timely submit valid Proofs of Claim.
A class action settlement hearing is scheduled to be held on June 21, 2010, at 10:00 a.m., before the Honorable Nicholas G. Garaufis, United States District Judge, at the United States Courthouse, 225 Cadman Plaza East, Brooklyn, NY, 11201 (the “Settlement Hearing”). The purpose of the Settlement Hearing will be to determine, among other things, whether the Settlement should be approved as fair, just, reasonable and adequate to each of the Settling Parties.
For more information on the Comverse Technology securities fraud class action lawsuit settlement and potential settlement benefits and settlement updates, visit the Comverse Technology securities litigation website.
If You Have Thoughts On The Comverse Technology Securities Class Action Lawsuit Settlement, Share Your Settlement Comments Below.
I have a simple question regarding submission of the class action claims form.
I waited on hold for 40 minutes to speak to an agent.
Needless to say I am quite annoyed.
I need to know what brokerage backup is required with the claims form.
Do you need only the page that shows Comverse or do you need the entire
months transaction.
I hope I will not have to wait as long for your response since the papers must
be mailed by August 5th.