Monday, June 26, 2006

Vitesse Delisted By Nasdaq

Camarillo-based Vitesse Semiconductor said late Monday that its stock is being delisted from the Nasdaq National Market, as of June 28th. The company, which trades on the Nasdaq as VTSS, has been under increasing pressure after being targeted by the SEC under an industry-wide, options grant backdating investigation. Earlier, the company delayed the filing of its quarterly results, restated results, and fired its CEO, CFO, and EVP. Vitesse said that it believes that its common stock will trade in the "Pink Sheets" on and after June 28th. The delisting was the result of the company's inability to file financial statements. Vitesse is a manufacturer of high speed components for the communications, computer, and storage industry.