Verint Announces Delisting From Nasdaq Effective February 1, 2007
January 31 2007 - 9:00AM
Business Wire
Verint Systems Inc. (NASDAQ: VRNT) today announced that it received
notification from The Nasdaq Listing and Hearing Review Council
(the �Listing Council�) that the Company�s common stock will be
suspended, pending delisting, from The Nasdaq Global Market. The
Company�s common stock will be suspended effective as of the
opening of business on February 1, 2007, because the Company is not
in compliance with the Nasdaq continued listing requirement set
forth in 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. As previously
disclosed, the Nasdaq Listing Qualifications Panel determined to
delist the Company�s common stock from Nasdaq, which decision had
been stayed pending further action by the Listing Council.
Following the delisting of the Company�s common stock from Nasdaq,
the Company expects that its common stock will be quoted in the
�Pink Sheets� beginning on February 1, 2007. The Company expects
that the trading symbol of its common stock will remain the same
(VRNT or VRNT.PK). Information about the Pink Sheets can be found
at its Internet web site www.pinksheets.com. Dan Bodner, President
and CEO of Verint Systems Inc., said, �Verint remains financially
strong and a leader in the actionable intelligence market. Our
shareholders, customers and partners can be assured that Verint is
committed to regaining compliance and restoring our listing in a
timely fashion.� ABOUT VERINT SYSTEMS INC. Verint Systems Inc.,
headquartered in Melville, New York, is a leading provider of
analytic software-based solutions for 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; the facts and
circumstances underlying certain potential accounting errors, as
well as certain other areas requiring additional investigation,
recently announced by Comverse; Verint�s ability to have its common
stock relisted on The NASDAQ Global Market; the impact of
governmental inquiries arising out of or related to option grants
and the other accounting errors identified at Comverse; 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.
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