Comverse CEO resigns after stock allegations


Comverse CEO resigns after stock allegations

Antony Savvas

The chief executive officer of Comverse Technology and two other top executives resigned yesterday, amid an investigation into the company’s stock option awards.

Comverse’s CEO and founder Kobi Alexander has gone, along with chief financial officer David Kreinberg and general counsel and corporate secretary William Sorin.

The billing software company announced an investigation into the timing of stock option grants about six weeks ago.

It is alleged the three could have benefited from back-dated stock options, where the date chosen corresponded to lower company share values.

This meant they could have had the option of buying cheaper shares in the company.

The CEO at Mercury Interactive recently went after a similar probe into alleged manipulated stock option award dates.

Comverse had already said that the investigation into the stock option grants will delay the posting of its annual results.



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