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Vitesse Fires Top Execs; Faces Probes, Lawsuit

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CAMARILLO, Calif., May 19, 2006 -- It's been a very tough week for Vitesse Semiconductor Corp., during which it fired three top executives, announced it is in default of a bank loan and discovered it is the focus of federal investigations and a class action lawsuit concerning its stock option practices and other accounting irregularities. The board of directors of Vitesse, a maker of integrated circuits for communications and storage networks, appointed a special committee to conduct an internal investigation into past stock option grants and related accounting and documentation issues. After the investigation started, its...Read full article

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    Published: May 2006
    Glossary
    probe
    Acronym for profile resolution obtained by excitation. In its simplest form, probe involves the overlap of two counter-propagating laser pulses of appropriate wavelength, such that one pulse selectively populates a given excited state of the species of interest while the other measures the increase in absorption due to the increase in the degree of excitation.
    accountingback-dateChristopher Gardnerclass actionCommunicationsfiredimproperlawsuitNews & FeaturesprobeSecurities and Exchange Commissionsemiconductor chipsstock optionssubpoenaTomasettaVitesseVitesse Semiconductor

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