Why Verint Systems Stock Fell Today

Shares of Verint Systems (NASDAQ: VRNT) fell today after the company officially announced yesterday that it had completed the spin-off of Cognyte Software.

The tech stock was down by 35.1% as of 11:32 a.m. but the share price slide is only part of the story. With the spin-off, Verint stockholders now hold shares of Cognyte as well.

Verint said in a press release that the spin-off "marks the start of Verint's journey as a pure-play customer engagement vendor." The company said that Verint shareholders will receive one share of Cognyte common stock for each share of Verint common stock they own. 

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Source Fool.com