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Comverse Technology: Backdated option settlement revamps governance

Represented shareholders in derivative action alleging that Comverse Technology Inc.’s founder/Chairman/CEO and other executives had unlawfully obtained millions of dollars through the exercise of backdated stock options.

We negotiated a settlement that required the executives to disgorge more than $62 million in ill-gotten assets, and overhauled the company’s corporate governance and internal controls. Among other things, the new measures replaced a number of directors and corporate executives, split the Chairman and CEO positions, and instituted majority voting for directors.