Three companies that have been the subject of recent scrutiny for stock-option backdating will be delisted Thursday from the Nasdaq Stock Market.
Comverse Technology, Ulticom, and Verint Systems will trade on the Pink Sheets as of February 1.
All three companies have fallen behind on their regulatory filings.
Comverse, which makes equipment for telecommunications networks, has not filed its annual report for the January 2006 fiscal year and or its quarterly reports for the first three periods of the 2007 fiscal year, according to Nasdaq. “We are committed to regaining compliance with all filing requirements and obtaining relisting of our common stock in a timely manner,” said chairman Mark Terrell, in a statement.
Earlier this month the Securities and Exchange Commission settled civil fraud charges against William F. Sorin, Comverse’s former general counsel, stemming from his role in the company’s stock options practices. The SEC complaint also alleged that Sorin created false records that facilitated a similar backdating scheme at Ulticom.
Ulticom, a majority-owned subsidiary of Comverse that develops software for telecommunications companies, has not filed its 2005 annual report or its quarterly reports for the first three periods of 2006.
And Verint, which designs intelligence and analysis software for government and business, hasn’t filed its annual report for the January 2006 fiscal year and quarterly reports for the first three periods of the most recent fiscal year.
“Verint remains financially strong and a leader in the actionable intelligence market,” said president and chief executive officer Dan Bodner, in a statement. “Our shareholders, customers, and partners can be assured that Verint is committed to regaining compliance and restoring our listing in a timely fashion.”
Meanwhile, Juniper Networks — which is late with its June 2006 and September 2006 quarterlies, announced that it will file those overdue reports by the end of March, according to TheStreet.com.