Technology backdating

Posted by / 26-Nov-2019 11:13

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The bulk of the derivative lawsuit settlement consists of the previously disclosed agreement of Comverse’s former CEO Kobi Alexander to pay Comverse million to be applied to the class action lawsuit settlement.

The derivative lawsuit stipulation of settlement (which can be found here), is dated December 17, 2009, the same day as the class action lawsuit settlement was announced.

In a December 28, 2009 press release (here), the plaintiffs’ lawyers announced the settlement of the Comverse Technology options backdating-related derivative lawsuit.

This derivative lawsuit settlement is separate from, but related to, the previously announced 5 million settlement of the Comverse Technology options backdating-related securities class action lawsuit (about which refer here).

Additionally, companies can use backdating to produce greater executive incomes without having to report higher expenses to their shareholders, which can lower company earnings and/or cause the company to fall short of earnings predictions and public expectations.

The settlement consists of a number of different components, the most significant of which is Alexander’s agreement to pay the million to Comverse.

As reflected in the company’s December 18, 2009 filing of Form 8-K (here), Alexander is to pay the million into the derivative settlement fund and then the amounts are to be transferred to the class action settlement fund.

Options backdating is the practice of altering the date a stock option was granted to an earlier or later date, usually a date on which the underlying stock price was lower.

This is a way of repricing options to make them valuable or more valuable when the option "strike price" (the fixed price at which the owner of the option can purchase stock) is fixed to the stock price at the date the option was granted.

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