Class action lawsuit filed by over alleged securities fraud from Comverse Technology Inc

The class action lawsuit from Wolf Popper alleges securities fraud that during the Class Period, the defendants recklessly or intentionally, instituted deficient internal controls surrounding the administration of the Company's stock-based compensation plan. The lawsuit alleges that the deficiences let the Company employees enrich themselves by knowingly and fraudulently changing the stock option grant dates to dates on which the Company's stock price was lower than the actual grant date (and thus lower than fair market value on the actual grant date).

As a result of these manipulations, the Company was caused to under report the corresponding compensation expense and over report net income and retained earnings on its financial statements.