Comverse Technology Inc. shares climbed Friday, a day after the voicemail software maker said it settled char
ges of improper stock option backdating and other accounting practices. Comverse shares rose 45 cents, or 5.5 percent, to $8.65 in afternoon trading. Yahoo! BuzzComverse didn't admit or deny guilt to the Securities and Exchange Commission, and the company was not fined. It must file periodic reports with the SEC by Feb. 8. The company had delayed filing financial reports due to the investigation.In a note to clients Friday, Wedbush Morgan analyst Scott P. Sutherland reiterated his "Buy" rating on the stock and raised his share price target by $2.50 to $10. Sutherland said the February filing deadline is "a bit better than expected and sets a stake in the ground."
ges of improper stock option backdating and other accounting practices. Comverse shares rose 45 cents, or 5.5 percent, to $8.65 in afternoon trading. Yahoo! BuzzComverse didn't admit or deny guilt to the Securities and Exchange Commission, and the company was not fined. It must file periodic reports with the SEC by Feb. 8. The company had delayed filing financial reports due to the investigation.In a note to clients Friday, Wedbush Morgan analyst Scott P. Sutherland reiterated his "Buy" rating on the stock and raised his share price target by $2.50 to $10. Sutherland said the February filing deadline is "a bit better than expected and sets a stake in the ground."Source:www.forbes.com/feeds/ap/2009/06/19/ap6566023.html
