Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Comverse Technology, Inc. (“Comverse”) (NASDAQ: CMVT) to Verint Systems, Inc. for shareholders. Under the proposed transaction, a newly formed wholly-owned subsidiary of Verint will acquire Comverse, and Verint will issue to Comverse shareholders new Verint common shares in an amount equal to 27.5 million Verint common shares plus up to an additional $25 million in Verint common shares. Based upon Verint’s current share price and other factors, it is estimated that Comverse shareholders will receive approximately 0.13 shares of Verint common stock for each share of stock owned. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The investigation centers on whether Comverse shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Comverse stock, and whether Comverse’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, “Because of the lack of a significant premium to the shareholders, and other factors, we believe that the transaction may undervalue Comverse stock. Our lawsuit will seek to obtain the highest share price for all shareholders.” The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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.