Comverse Technology Receives Notice From NASDAQ Due To Delay In Filing Of Form 10-Q for Second Quarter
September 18 2006 - 6:32PM
Business Wire
Comverse Technology, Inc. (NASDAQ: CMVT) today announced that, due
to the previously announced delay in filing its Form 10-Q for the
fiscal quarter ended July 31, 2006, on September 12, 2006, the
company received an additional Staff Determination Letter from The
NASDAQ Stock Market indicating that the delay in the filing of the
Form 10-Q serves as an additional basis for the delisting of the
company's securities from NASDAQ, under NASDAQ Marketplace Rule
4310(c)(14). As announced earlier today, on September 15, 2006, the
NASDAQ Listing and Hearing Review Council (the "Listing Council")
notified the company that it had determined to stay the NASDAQ
Listing Qualifications Panel's (the "Panel") August 18, 2006
decision (the "Stay"), which required the company to file the Form
10-K for the fiscal year ended January 31, 2006 and the Form 10-Q
for the quarter ended April 30, 2006 by September 25, 2006, and any
future Panel determinations to suspend the company's securities
from trading pending further action by the Listing Council. In the
company's original petition to the Listing Council requesting the
Stay, the company requested an additional 60 day exception period
to file its Quarterly Reports on Form 10-Q for the quarters ended
July 31, 2006 and April 30, 2006, and its Annual Report Form 10-K
for the fiscal year ended January 31, 2006. As a result, the
company does not intend to request that the Panel grant it an
additional exception for the filing of the Form 10-Q for the
quarter ended July 31, 2006. The company intends to make an
additional submission to the Listing Council in support of its
request for an additional extension of time by the deadline of
October 13, 2006, which was set forth in the Listing Council's
September 15, 2006 decision. There can be no assurance that the
outcome of the Listing Council's review will be favorable to the
company or that the company's securities will remain listed on the
NASDAQ Stock Market. About Comverse Technology, Inc. Comverse
Technology, Inc. (NASDAQ: CMVT), through its Comverse, Inc.
subsidiary, is the world's leading provider of software and systems
enabling network-based multimedia enhanced communication and
billing services. The company's Total Communication portfolio
includes value-added messaging, personalized data and content-based
services, and real-time converged billing solutions. Over 450
communication and content service providers in more than 120
countries use Comverse products to generate revenues, strengthen
customer loyalty and improve operational efficiency. Other Comverse
Technology subsidiaries include: Verint Systems (NASDAQ: VRNT), a
leading provider of analytic software-based solutions for
communications interception, networked video security and business
intelligence; and Ulticom (NASDAQ: ULCM), a leading provider of
service enabling signaling software for wireline, wireless and
Internet communications. Comverse Technology is an S&P 500 and
NASDAQ-100 Index company. For additional information, visit the
Comverse website at www.comverse.com or the Comverse Technology
website at www.cmvt.com. All product and company names mentioned
herein may be registered trademarks or trademarks of Comverse or
the respective referenced company(s). Note: This release contains
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
There can be no assurances that forward-looking statements will be
achieved, and actual results could differ materially from forecasts
and estimates. Important factors that could cause actual results to
differ materially include: the results of the review of the Special
Committee, appointed by the Board of Directors on March 14, 2006,
of matters relating to the company's stock option grants,
including, but not limited to, the accuracy of the stated dates of
option grants and whether all proper corporate procedures were
followed; the impact of any restatement of financial statements of
the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports
with the Securities and Exchange Commission; risks associated with
the company's inability to meet NASDAQ requirements for continued
listing, including possible delisting; risks of litigation and of
governmental investigations or proceedings arising out of or
related to the company's stock option grants or any restatement of
the financial statements of the company; risks associated with
integrating the businesses and employees of the GSS division of CSG
Systems, International, Netcentrex S.A., and Netonomy, Inc.;
changes in the demand for the company's products; changes in
capital spending among the company's current and prospective
customers; the risks associated with the sale of large, complex,
high capacity systems and with new product introductions as well as
the uncertainty of customer acceptance of these new or enhanced
products from either the company or its competition; risks
associated with rapidly changing technology and the ability of the
company to introduce new products on a timely and cost-effective
basis; aggressive competition may force the company to reduce
prices; a failure to compensate any decrease in the sale of the
company's traditional products with a corresponding increase in
sales of new products; risks associated with changes in the
competitive or regulatory environment in which the company
operates; risks associated with prosecuting or defending
allegations or claims of infringement of intellectual property
rights; risks associated with significant foreign operations and
international sales and investment activities, including
fluctuations in foreign currency exchange rates, interest rates,
and valuations of public and private equity; the volatility of
macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These documents are available
through the company, or its website, www.cmvt.com, or through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov. The company makes no commitment to revise
or update any forward-looking statements in order to reflect events
or circumstances after the date any such statement is made.
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