Looking for a former billion-dollar company that has fallen off most investors' radar? Have a look at Verint Systems Inc. (OTC: VRNT). As part of the Comverse Technology, Inc. (OTC: CMVT) options backdating scandal, the company was delisted from the NASDAQ because of filing issues. Comverse was delisted as well, and its CEO fled to Africa after he was wanted by U.S. authorities. Verint is a leading provider of analytic software-based solutions for security and workforce-enterprise optimization. Their solution generates actionable intelligence through the collection, retention and analysis of various communication networks.

The company today received an upgrade from JP Morgan. The stock has gotten crushed over the last 2 years falling from a high of over $40 to today's price in the $17.40 range. Business is doing well, and as that they are in the security space, that should help valuation. There has been speculation that either the parent Comverse will get bought or they will sell off their divisions, Verint among them. This sale would fetch a hefty premium, and with a market cap in the $500 million dollar range, this could get juicy for investors. Another potential catalyst, would be for them to get current in their filing and potentially regain the NASDAQ listing, which would get them back on institutional investors radar screen.

If you are looking for an interesting turnaround story for '08, check out Verint.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. Disclosure: Writer owns stock and is long both VRNT.pk and CMVT.pk. He has no position in any other stock mentioned as of 12/5/07.