New institutional investor builds stake in Comverse

Comverse Technology Inc. (Pink Sheets: CMVT) is proving that even Pink Sheets-listed companies are not below the radar of US institutional investors.

According to a Securities and Exchange Commission (SEC) filing by Comverse on Friday, Level Global Investors LP has become a party at interest in the company, with a 5.1% stake. An examination by "Globes" found that this was Level Global Investors' first investment in Comverse.

Comverse was relegated to the Pink Sheets after ae backdating scandal. Its share closed at $8.71 on Friday, giving a market cap of $1.8 billion, after the share rose 39% since the beginning of the year. One reason for the jump may be that US hedge funds manager Level Global Investors is investing in the company.

Greenwich Connecticut-based Level Global Investors sponsors hedge funds. It was founded six years ago and generally invests in technology and financial companies.

Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2009

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