Pomerantz is pleased to announce that a settlement has been reached with Comverse Technology, Inc. ("Comverse") and certain of its former officers and directors to resolve the securities class action pending in the Eastern District of New York, In re Comverse Technology, Inc. Sec. Litig., 06-1825 (NGG) (RER). The settlement will benefit investors in Comverse common stock during the period April 30, 2001 through January 29, 2008. Lead Plaintiff, the Menora Group, an Israeli based insurance company and pension fund, alleged that defendants engaged in stock option backdating and accounting irregularities which inflated Comverse's stock price.

The settlement provides for a $225 million payment to the class.  Jacob "Kobi" Alexander, Comverse's former Chief Executive Officer, will contribute $60 million, one of the largest recoveries from a former executive to settle a federal securities class action.  Patrick Dahlstrom of Pomerantz commented, "We are very proud to have achieved this settlement, which represents a substantial recovery of damages incurred by the class."

The parties intend to submit the settlement to the Court for preliminary approval immediately. If approved, the settlement represents the second largest options backdating settlement, and will be the largest settlement involving an Israeli institution serving as Lead Plaintiff.



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