The Wall Street Journal-20080117-Comverse Sues Ex-Executive for Fraud
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Comverse Sues Ex-Executive for Fraud
Reuters News Service
NEW YORK -- Comverse Technology Inc. sued former chief executive Jacob "Kobi" Alexander and former general counsel William Sorin for more than $70 million.
The lawsuit, filed in New York State Supreme Court, is the latest twist in the scandal that has also seen criminal charges filed against some of the software maker's former executives and left Mr. Alexander fighting extradition from Namibia.
Comverse sued Messrs. Alexander and Sorin for fraud, breach of fiduciary duty and other claims, saying they schemed to backdate millions of stock options granted to the company's employees and consultants. Lawyers for the two men were not immediately available for comment.
Prosecutors accuse Messrs. Alexander, Sorin and a former chief financial officer of reaping millions in profits by altering grant dates of stock-option awards.
