Comverse Technology ( CMVT) formed a committee of directors to review some of its stock-options grants, and said the probe will probably result in earnings restatements.

The board committee, along with independent counsel, will "review matters relating to the company's stock option grants, including, but not limited to, the accuracy of the stated dates of option grants and whether all proper corporate procedures were followed," Comverse said.

Comverse said it's too early to say definitively whether the review will result in restatements, but the company's management believes that "certain restatements will likely be required." The restatements wouldn't affect historical revenues or operating results before options expense.

The company said it will release its results for the fourth quarter ended Jan. 31 as soon as possible after the completion of the review. On a preliminary basis, Comverse said fourth-quarter revenue was $337.7 million. Analysts surveyed by Thomson First Call were expecting $327.7 million.

The stock closed at $29.15 Monday.

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