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Comverse Demands $70 Million from Ex-CFO

MANHATTAN (CN) - Comverse Technology sued its former CFO David Kreinberg for $70 million, claiming he set up and oversaw "a secret reserve fund of options" without consent of the Compensation Committee. Comverse sued only Kreinberg in New York County Court, but claims he backdated "millions of stock options" with help from former CEO Jacob Alexander and General Counsel William Sorin.

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