Comverse Technology Inc. (Pink Sheets: CMVT) has notified the US Securities and Exchange Commission (SEC) that, despite making "significant progress in the completion of its financial statements" for the 2006, 2007, 2008, and 2009 fiscal years, "there is substantial risk that the company will not complete all such filings by February 8, 2010."
Comverse attributed the possible delay to delays in the filing of the financial statements by its subsidiary, Verint Systems Inc. (Pink Sheets: VRNT), as well as the completion of other reporting and disclosure processes required to meet its periodic reporting obligations. Verint, a developer of voice and video recording and analysis systems, is a major competitor of NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE).
Verint was due to file its financial reports by January 31, 2010. At the end of 2009, Verint said that it hopes to file at least a comprehensive report (10-K) for the 2006-08 fiscal years and that it also wants to hold an investors conference call, its first in several years.
In June 2009, Comverse announced that as part of its settlement with the US Securities and Exchange Commission (SEC), it would meet its period reporting obligations by February 8, 2010. Comverse's fiscal year ends on January 31.
Comverse's share closed at $9.45 in New York on Thursday, and Verint's share closed at $19.25.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2010
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