SUBSEQUENT EVENT |
12 Months Ended |
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Jan. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTAs discussed in further detail in Note 18, “Commitments and Contingencies”, in March 2023, Verint and the Assistant U.S. Attorney overseeing a False Claims Act investigation (concerning allegations ForeSee and/or Verint failed to provide the federal government the services described in certain government contracts related to ForeSee’s products inherited by Verint in the acquisition) reached an agreement in principle to resolve such matter. The proposed settlement, which would result in the payment by Verint of $7.0 million and would contain a statement of no admission to liability, is subject to definitive documentation as well as review and approval by the USAO, potential objection by any relators, and approval by a court if the investigation is in connection with a lawsuit initiated by a relator.The $7.0 million proposed settlement amount is expected to be covered under one of our existing insurance policies. The proposed settlement was a recognizable subsequent event to the year ended January 31, 2023 in accordance with Topic ASC 855, Subsequent Events. Accordingly, as of January 31, 2023, we recorded a legal settlement liability of $7.0 million reported in accrued expenses and other current liabilities, and a corresponding insurance recovery receivable in prepaid expenses and other current assets on our consolidated balance sheets. The loss accrual and insurance recovery are offset within selling, general and administrative expenses in our consolidated statements of operations for the year ended January 31, 2023, resulting in a net $0 impact. |