The action is pending in the United States District Court, Southern District of New York, against defendants Comverse, Kobi Alexander (Chairman, CEO), and David Kreinberg (E.V.P., CFO), and is seeking remedies under the Securities Exchange Act of 1934.

If you bought the securities of Comverse between April 30, 2001 to April 16, 2006, inclusive, and sustained damages, you may, no later than June 19, 2006, request that the Court appoint you as lead plaintiff. Under certain circumstances, one or more class members may together serve as "lead plaintiff." You may retain Wolf Popper LLP, or other counsel of your choice, to serve as your counsel in this action.

The complaint alleges that during the Class Period, defendants recklessly or intentionally, instituted woefully deficient internal controls surrounding the administration of the Company’s stock-based compensation plan, which enabled Company employees to enrich themselves by knowingly and fraudulently changing the stock option grant dates to dates on which the Company’s stock price was lower than the actual grant date (and thus lower than fair market value on the actual grant date). As a result of these manipulations, the Company was caused to under report the corresponding compensation expense and over report net income and retained earnings on its financial statements.

When the truth of the stock option scheme was revealed to the market beginning on March 13, 2006, through the end of the Class Period on April 16, 2006, Comverse’s stock price fell from $29.15 to $22.94, a staggering 21% drop.