Friday, April 21, 2006

Vitesse Cancels Earning Call, Suspends CEO/CFO

Camarillo-based Vitesse Semiconductor last night announced that it has cancelled its earning call, and has suspended Louis Tomasetta, its CEO, Yatin Mody, its CFO, and EVP Eugene Hovanec. The company said in a terse statement that as a result of an ongoing investigation by a Special Committee of its Board of Directors, it will be unable to file its 10-Q, and will not be holding a earnings call. The firm said that the suspension was due to involvement with issues related to the integrity of documents relating to Vitesse's stock option grant process.