Former executives of Comverse Technology Inc. will pay $62 million to partially fund a class action settlement stemming from alleged stock option backdating. Most of the money will come from the voicemail software maker's former CEO, who fled the country to avoid prosecution in the backdating scheme.
Former CEO Jacob "Kobi" Alexander, who fled to Namibia in 2006, will pay $60 million to Comverse. In return, New York-based Comverse will drop its lawsuit against the fugitive executive.
In addition, Comverse's former General Counsel William Sorin and former Chief Financial Officer David Kreinberg will pay a combined $1.35 million to Comverse, and a similar suit against them by the company will be dropped.
Also, several former members of Comverse's board will forfeit 155,500 outstanding unexercised options as part of the settlement. The company also agreed to several corporate governance changes, including keeping the roles of its chairman and CEO split, and requiring its chairman to be an independent director.
Alexander, Sorin and Kreinberg also agreed to drop countersuits against the company.
The deal will settle shareholder derivative actions brought in New York State Supreme Court by the firms Milberg LLP and Barroway Topaz Kessler Meltzer & Check LLP, and the U.S. District Court for the Eastern District of New York by the firm Bernstein Litowitz.
The money Comverse receives will be used to help fund a $225 million class action settlement announced recently by the firm Pomerantz Huadek Grossman and Gross. Investors who held Comverse common stock between April 30, 2001 and Jan. 29, 2008 will see benefit from the settlement.
In a regulatory filing, the company said its $165 million portion of the class action settlement — not including Alexander's payments — will be paid in four installments through August 2011.
Comverse settled charges regarding the allegations of improper backdating of stock options and other accounting problems with federal regulators in July. The company, which didn't admit or deny guilt to the Securities and Exchange Commission, wasn't fined.
Source:abcnews.go.com/
Sunday, January 3, 2010
Namibia win three medals at PSI Tourney
Namibia’s junior hockey players excelled at the annual National Pro Series Indoor Tournament in South Africa in December, winning three medals against South Africa’s top provincial teams. Namibia’s Under 15 girls’ team won a gold medal, Namibia’s Under 13 girls’ team won a silver medal and Namibia’s Under 17 boys’ team won a bronze medal.
Namibia also won several individual prizes as Jocelle Deysel won the Player of the Series award in the Girls U15 category, Sune Wittmann won the Goalkeeper of the Series award for U15 girls and DJ Strauss won the goalkeeper of the tournament award in the Boys Under 17 category. Marcia Venter and Mari van Lill won sportsmanship awards in the girls under 17 and under 13 categories.
Namibia dominated the Under 15 girls’ category, winning all nine their matches on the way to the final. In the final they convincingly beat Western Province Cape Seals to win the gold medal. Namibia’s Under 15 girls side was coached by Shayne Cormack.
Namibia’s Under 13 girls’ side competed against seven other teams and made it to the final where they narrowly lost 5-4 to the Cape Peninsula Sharks team, to claim the silver medal. The Namibian team was coached by Bianca Rehder.
Namibia’s Under 17 boys team competed against seven other teams and reached the semifinals where they lost to the Cape Seals. In the third place play off match Namibia beat the Gauteng Grypons 7-4 to win the bronze medal. The Namibian team was coached by Bucko Bartlett.
Namibia’s Under 13 boys team, which was coached by Jaco Fourie, finished sixth out of ten teams, while Namibia’s Under 15 boys team, which was coached by Randy Slabbert, finished sixth out of nine teams.
Namibia’s Under 17 girls’ team, which was coached by Ruben Engels finished third in their pool and narrowly missed out on a place in the final after losing their semifinal 5-4 to the Gauteng Grypons. They also lost their third place playoff match to lose out on a medal
Source:namibiasport.com.na/
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