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Comverse Technology, Inc.

In re Comverse Technology, Inc. Securities Litigation, No. 06-CV-1825 (E.D.N.Y.).   In this securities class action, Pomerantz LLP served as sole lead counsel representing lead plaintiffs Mivtachim Pension Funds/Menorah Insurance Co., which settled for $225 million (including a $60 million contribution from Comverse’s former CEO, which is the largest individual contribution in a securities action). Comverse is the second largest stock options backdating settlement on record, and the 37th largest securities fraud class action settlement ever. The case settled in 2010, following extensive motion practice (e.g., denial of motions to dismiss in substantial part, 2008 U.S. Dist. LEXIS 12351 (Feb. 19, 2008)), and extensive discovery.   In approving the $225 million settlement, the Court commended Pomerantz, stating: “throughout this litigation, [the Court] has been impressed by Lead Counsel’s acumen and diligence. The briefing has been thorough, clear, and convincing, and . . . Lead Counsel has not taken short cuts or relaxed its efforts at any stage of the litigation.”