Comverse Technology Inc., which was battered by accounting scandals in the past decade, is taking another step toward redemption: The Nasdaq stock exchange has approved its application to list its shares.
Starting Friday Comverse, a business software maker, will be listed as CMVT on Nasdaq's global select market segment, the company said in a filing with the Securities and Exchange Commission.
Delisted during a series of criminal and civil court cases, notably on charges it backdated options to enrich executives, Comverse has traded over the counter in recent years.
The re-listing "can help broaden our investor base and increase our corporate visibility," chief executive Charles Burdick said in a prepared statement. Comverse owns a majority share in Verint, of Melville, a publicly traded video analytics company.
Now based in Manhattan but with deep Long Island roots, Comverse in April avoided prosecution under the Foreign Corrupt Practices Act by agreeing to pay a $2.8 million penalty to two federal agencies, the Justice Department and the SEC.
The April settlement came in a case against Comverse centered on $536,000 in improper payments to officials of a Greek telecom company.
Long based in Woodbury, Comverse grew into a billion-dollar corporation specializing in software for voice communications.