TODAY'S PAPER
41° Good Evening
41° Good Evening
Business

Comverse delays earnings report

Jacob Alexander in a magistrate's court in Windhoek,

Jacob Alexander in a magistrate's court in Windhoek, Namibia, where he was fighting extradition to the United States. (July 9, 2007) Credit: Bloomberg News, 2007

Comverse Technology has delayed release of its current quarterly earnings.

The company's disclosure to the Securities and Exchange Commission is due to the lingering effects of a multimillion-dollar stock option fraud that led to criminal charges against Jacob "Kobi" Alexander, its former chief executive.

Last month Alexander, above left, a fugitive now living in Namibia, agreed to $53 million in federal forfeiture and fine payments.

Comverse on Thursday told the SEC that its scheduled quarterly report, for the period ending Oct. 31, can't be filed on time because it is still caught up in the task of rewriting its four most recent annual reports, for 2006-2009. When it finishes restating income for those years, it will be able to write its 2010 fiscal year report — and it will then be able to file the Oct. 31 report, Comverse told the SEC.

Comverse, a maker of software for cell phones, had been based in Woodbury but moved to Manhattan after Alexander fled to Namibia in 2006.

--------------------
Read more of Inside Long Island Business

More news