Post-Delisting, Verint Still Stumbling

Financial information about Verint has become hard to find. Its quarterly reports are threadbare, and there has been no balance sheet or income statement available since the third quarter that ended Oct. 31, 2005. Verint hasn't filed an annual report in two years.

"It's been a rocky road," says Daniel Ives, an analyst with Friedman Billings & Ramsey. "The delisting represents the turmoil Verint is going through, and it has been challenging for investors."

Verint's fortunes were tied to that of its 57%-owner, Comverse Technology(CMVT Quote), which also sits on the Pink Sheets following an almost unsurpassed accounting and stock option backdating scandal that made a fugitive of its CEO, Kobi Alexander.

Until Comverse cleans up its own books, Verint says it is helpless.

Verint CEO Dan Bodner and the company's head of investor relations, Alan Roden, declined to be interviewed. The company also declined to answer any questions about how it is trying to work with shareholders concerned about the delisting.

Verint shares are down about 14% to $30.25 since the beginning of the year. More important, since the delisting, Verint's trading volume has dropped dramatically -- and investors considering offloading their stakes face difficulty. The stock's average trading volume during the past months is about 62,000 shares a day -- and is often less than that.