Post-Delisting, Verint Still Stumbling

"It probably is the only billion-dollar company that has been trading 5,000 shares," says Katsman. "It is absurd."

The lack of liquidity has taken interest away from the stock, analysts agree. Few large funds or institutional investors want to buy a stock they can't sell quickly.

On the surface, Verint's sparse financials look relatively strong. Revenue for the first quarter grew 15% to $101.2 million, and excluding charges, net income was $9.35 million, up from $7.71 million.

But they don't tell the whole story, and informational cornerstones of a good financial investment thesis -- such a cash flow position, inventory and balance-sheet ratios -- are unavailable.

Wall Street analysts concede that analyzing Verint is a challenge.

"We are making a lot of assumptions," says RBC Capital analyst Daniel Meron. "There are things we don't know, like what the actual gross margins are, so that creates uncertainties around modeling."

Meron and Ives say they rely on field checks and customer perspective to fill out what the company can't tell them.

"No one really knows what the actual numbers are," says Meron. "For a while there was no guidance, so the numbers were vague, and for those on the outside it is difficult to gauge what's going on."

But the delisting and lack of financial stats aren't all to blame for dampening investor attention, says Meron. Even before accounting issues rained down, Verint's growth rates and margins were slowing down, he says.