Former Comverse Technology GC William Sorin, the first corporate executive to serve time for options-related crimes, must pay $1 million to partially fund a class action settlement stemming from alleged stock option backdating. The company's former CEO, Jacob "Kobi" Alexander, will also pay $60 million to Comverse as part of the settlement. In return, Comverse will drop its lawsuit against the former executives, and the executives will drop their countersuits against the company.
January 06, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The legal woes over alleged stock option backdating continue to hound the former general counsel of Comverse Technology Inc., one of the first companies caught up in the continuing public scandal.
William Sorin, former general counsel for the world’s largest maker of voice-mail software, has already spent a year in federal prison for his role in stock option backdating at the company, making him the first corporate executive to serve time for options-related crimes.
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