The inquiry involves a review of documents relating to the backdating of employee stock options. This is just one of a series of investigations by the SEC on the timing of stock option grants.
On May 1, 2006, Comverse Technology, Inc., a provider of software and systems that enable multimedia value added services in wireless and wireline networks, announced the resignations of Kobi Alexander, former Chairman and CEO, David Kreinberg, former CFO, and William F. Sorin, a former director, Senior General Counsel, and Corporate Secretary relating to the company’s review of its stock option grants.
In November 2005, Mercury Interactive Corporation, a provider of business technology optimization software, executives Amnon Landan, CEO, Douglas Smith, CFO, and Susan Skaer, General Counsel, resigned after a special committee at the company found that they benefited from a program to favorably price option grants.
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