Friday, May 19, 2006

Vitesse Gets Subpoena

Things have taken a further turn downhill at Camarillo-based Vitesse Semiconductor, with the disclosure last night that the firm has received a grand jury subpoena from the office of the United States Attorney for the Southern District of New York. Vitesse said last night that it has received a request for documents from 1999 through the present referring to, relating to, or involving the granting of stock options. Vitesse also said that the SEC is also conducting an investigation of Vitesse, and that the SEC's Division of Enforcement has requested documents from January 1, 1995 through the present relating to the grant of stock options at the firm. Vitesse just fired its CEO, CFO, and EVP over accounting irregularities over stock options grants at the firm, after announcing it would restate results.