Verint Receives Notification From Nasdaq Due to Late Filing of Second Quarter Form 10-Q
September 21 2006 - 8:30AM
Business Wire
Verint Systems Inc. (Nasdaq: VRNT) ("Verint" or the "Company")
today announced that the Company received a letter on September 15,
2006 from The Nasdaq Stock Market indicating that the Company's
failure to file with the Securities and Exchange Commission the
Company's Quarterly Report on Form 10-Q for the period ended July
31, 2006 on the required date could serve as an additional basis
for the delisting of Verint's securities from Nasdaq, under Nasdaq
Marketplace Rule 4310(c)(14). Nasdaq Marketplace Rule 4310(c)(14)
requires the Company to make on a timely basis all filings with the
Securities and Exchange Commission, as required by the Securities
Exchange Act of 1934, as amended. Verint did not file its Quarterly
Report on Form 10-Q for the fiscal quarter ended July 31, 2006 on
the required filing date for the reasons previously announced by
Verint relating to the ongoing investigation by a special committee
of the Board of Directors of Comverse Technology, Inc.
("Comverse"), the 57% stockholder of Verint, of Comverse's stock
option practices and its preliminary conclusion that the actual
dates of measurement for certain past awards granted by Comverse
differed from the recorded grant dates for such awards, and the
impact of such stock option practices on Verint's Financial
Statements. As previously disclosed by Verint, Nasdaq has informed
Verint that the Nasdaq Listing and Hearing Review Council has
stayed any decision to delist the Company's securities pending
further review by the Listing Council. 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. 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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