Verint Granted Stay Of NASDAQ September 25th Filing Deadline
September 18 2006 - 11:22AM
Business Wire
Verint Systems Inc. (Nasdaq:VRNT), a leading provider of analytic
software-based solutions for security and business intelligence,
today announced that the Company was informed by The NASDAQ Stock
Market that the Nasdaq Listing and Hearing Council has stayed the
delisting of the Company's securities pending further review by the
Listing Council. The Listing Council further informed the Company
that it may submit in writing additional information for the
Listing Council's consideration by October 13, 2006. The Listing
Council, acting pursuant to its discretionary authority under
Marketplace Rule 4807(b), granted this stay pursuant to a request
by the Company to call for review and stay the August 18, 2006
decision by the Nasdaq Listing Qualifications Panel to delist the
Company's securities unless the Company filed its delinquent Annual
Report on Form 10-K for the fiscal year ended January 31, 2006, its
Quarterly Report on Form 10-Q for the fiscal quarter ended April
30, 2006, and the Current Report on Form 8-K/A to amend the Form
8-K dated January 9, 2006 by September 25, 2006. In addition to its
request for a stay, the Company also requested that the Listing
Council grant the Company a 60 day extension from the date of the
decision based upon the Listing Council's review in order for the
Company to complete all of its filings. There can be no assurance
that the outcome of the Listing Council's review will be favorable
to the Company or that the Company's securities will remain listed
on The NASDAQ Stock Market. About Verint Systems Inc. Verint
Systems Inc., headquartered in Melville, New York, is a leading
provider of analytic software-based solutions for communications
interception, networked video security and business intelligence.
Verint software, which is used by over 1,000 organizations in over
50 countries worldwide, generates actionable intelligence through
the collection, retention and analysis of voice, fax, video, email,
Internet and data transmissions from multiple communications
networks. Verint is a subsidiary of Comverse Technology, Inc.
(NASDAQ: CMVT). Visit us at our website www.verint.com. Note: This
release contains "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. There can be no
assurances that forward-looking statements will be achieved, and
actual results could differ materially from forecasts and
estimates. Important risks, uncertainties and other important
factors that could cause actual results to differ materially
include, among others: potential impact on Verint's financial
results as a result of Comverse's creation of a special committee
of the Board of Directors of Comverse to review matters relating to
grants of Comverse stock options, including but not limited to, the
accuracy of the stated dates of Comverse option grants and whether
Comverse followed all of its proper corporate procedures and the
results of the Comverse special committee's review; the effect of
Verint's failure to timely file all required reports under the
Securities Exchange Act of 1934, and the resultant potential
delisting of Verint's common stock on NASDAQ; the impact of
governmental inquiries arising out of or related to option grants;
introducing quality products on a timely basis that satisfy
customer requirements and achieve market acceptance; lengthy and
variable sales cycles create difficulty in forecasting the timing
of revenue; integrating the business and personnel of Mercom and CM
Insight and Verint's other acquisitions, including implementation
of adequate internal controls; risks associated with significant
foreign operations, including fluctuations in foreign currency
exchange rates; aggressive competition in all of Verint's markets,
which creates pricing pressure; managing our expansion in the Asia
Pacific region; risks that Verint's intellectual property rights
may not be adequate to protect its business or that others may
claim that Verint infringes upon their intellectual property
rights; risks associated with Verint's ability to retain existing
personnel and recruit and retain qualified personnel in all
geographies in which Verint operates; decline in information
technology spending; changes in the demand for Verint's products;
challenges in increasing gross margins; risks associated with
changes in the competitive or regulatory environment in which
Verint operates; dependence on government contracts; expected
increase in Verint's effective tax rate; perception that Verint
improperly handles sensitive or confidential information; inability
to maintain relationships with value added resellers and systems
integrators; difficulty of improving Verint's infrastructure in
order to be able to continue to grow; risks associated with
Comverse Technology, Inc. controlling Verint's business and
affairs; and other risks described in filings with the Securities
and Exchange Commission. All documents are available through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov or from Verint's website at www.verint.com.
Verint makes no commitment to revise or update any forward-looking
statements except as otherwise required by law. Verint, the Verint
word mark, Actionable Intelligence, Powering Actionable
Intelligence, STAR-GATE, RELIANT, NEXTIVA, LORONIX, SmartSight,
Lanex and ULTRA are trademarks of Verint Systems Inc. Other names
may be trademarks of their respective owner.
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