Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Comverse Technology, Inc. (“Comverse” or the “Company”) (NASDAQ GS: CMVT) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Verint Systems Inc. (“Verint”) (NASDAQ GS: VRNT) in a transaction valued at approximately $805.7 million. Click here to learn more: http://www.rigrodskylong.com/investigations/comverse-technology-inc-cmvt. Under the terms of the proposal, a newly formed wholly-owned subsidiary of Verint will acquire Comverse, and Verint will issue to Comverse’s shareholders new Verint common shares in an amount equal to approximately 27.5 million Verint common shares (16.3 million common shares currently held by Comverse and approximately 11.2 million common shares underlying the convertible preferred shares at the expected time of the transaction closing) plus up to an additional $25 million in Verint common shares (approximately 880,592 shares based on Verint’s August 10, 2012 closing stock price of $28.39). The investigation concerns whether Comverse’s board of directors failed to adequately shop the Company and obtain the best possible value for Comverse’s shareholders before entering into an agreement with Verint. If you own the common stock of Comverse and purchased your shares before August 13, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/comverse-technology-inc-cmvt. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
Shares of Comverse Technology (Nasdaq:CMVT) were gapping down Thursday morning with an open price 10.7% lower than Wednesday's closing price. The stock closed at $6.07 yesterday and opened today's trading at $5.42.