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It was also expected that the men created some fake employees.This allowed them to offer perks and money to those employees while keeping all the money themselves. : "No monetary penalties were assessed against the company in conjunction with the settlement. Subject to the approval of the settlement by the United States District Court for the Eastern District of New York, the settlement concludes the SEC's civil action against the company in connection with these subject matters. It is expected that Comverse Technology scandal will take legal action against the three men for their Comverse Technology scandal.The Securities and Exchange Commission (SEC) has already filed a lawsuit against Kobi, Kreinberg, and Sorin for giving false information on their financial reports from the dates of 1991-2005.
(NASDAQ: CMVT), is the world’s leading provider of software and systems enabling network-based multimedia enhanced communication and billing services.
Affected employees receive a message that reads, "The work force reduction notification is currently in progress.