SHAREHOLDER ALERT: Law Firm Of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Comverse Technology, Inc. In Connection With The Sale Of The Company To Verint Systems Inc.
NEW YORK, Aug. 20, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Comverse Technology, Inc. ("Comverse" or the "Company") (Nasdaq: CMVT) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to its majority owned subsidiary, Verint Systems Inc. (Nasdaq: VRNT). (Logo: http://photos.prnewswire.com/prnh/20120409/MM84375LOGO )Click here to learn more about the investigation: http://zlk.9nl.com/comverse-technology-cmvt, or call: 877-363-5972 . There is no cost or obligation to you. Under the terms of the proposal, a newly formed wholly-owned subsidiary of Verint will acquire Comverse, and Verint will issue new Verint common shares to Comverse shareholders, in an amount equal to approximately 27.5 million Verint common shares plus up to an additional $25 million in Verint common shares. The investigation concerns whether Comverse's board of directors failed to adequately shop the Company in order to obtain the best possible value for Comverse's shareholders. If you own common stock in Comverse and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/comverse-technology-cmvt. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com
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.