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S&P puts Comverse on developing watch
Standard & Poor's said it placed its ratings on Comverse Technology Inc., including the B+ corporate credit rating, on CreditWatch with developing implications due to uncertainties about Comverse's ability to comply with Securities and Exchange Commission period reporting requirements by Feb. 8.
Compliance with SEC financial reporting requirements by this date is a key condition of Comverse's June 2009 settlement agreement with the SEC regarding the improper backdating of stock options and other accounting practices. S&P said that if Comverse fails to meet these financial reporting requirements, the SEC could initiate administrative proceedings that may result in the assessment of penalties such as fines, or possibly the revocation of Comverse's registration statement.
The risk of financial filing delays arises from Comverse's dependency on the receipt of financial information from Verint Inc., a majority-owned subsidiary (which is also delinquent in required SEC filings), as well as the completion of its other reporting and disclosure processes required to meet its periodic reporting obligations, the agency said.
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