16:42 CMVT Comverse Tech terminates former executives' employment arrangements and determines to pursue legal remedies (21.40 +0.36)
Co announces that, in accordance with determinations of the Special Committee of its Board of Directors, the co is providing notice to Kobi Alexander, its former Chairman of the Board and Chief Executive Officer, David Kreinberg, its former Executive Vice President and Chief Financial Officer and William Sorin, a former director and its former General Counsel, terminating all prior employment or similar agreements or arrangements with the co, including the agreements entered into on April 28, 2006, and revoking any and all vested and unvested unexercised options, restricted stock and any other equity compensation previously granted. The co is not making any severance or other payments to Mr. Alexander, Mr. Kreinberg or Mr. Sorin in connection with the termination of any such agreements or arrangements and the co will pursue rights and remedies against them in respect of their acts or omissions relating to stock option grants. The Special Committee is continuing its work and is considering other appropriate actions. |
