Comverse Plunges as Business Slows, Filings Delayed

August 15, 2008 at 10:36 am PT

Shares of telecom software provider Comverse Technology are plunging today, down over 20 percent, or $3.42, at $13.50, after the company last night filed a form 8-K with the Securities and Exchange Commission that indicates … business is slowing. The company said in its filings that “slower momentum, in particular at Netcentrex, along with some delayed purchasing decisions in the core business … along with the foreign exchange headwinds relating to expenses we have experienced, has put pressure on our business performance.” Comverse bought Paris-based Netcentrex in April 2006 for $164 million in cash. The product is a telephone switch for transmitting phone calls over the Internet.

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Tagged with: 8-K, Barrons, Comverse Technology, foreign exchange, frontpage, Internet, Netcentrex, Paris, Securities and Exchange Commission, Tech Trade Daily, telecom, telephone switch, Tiernan Ray

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