Thursday, April 27, 2006
Vitesse To Restate Results
Camarillo-based Vitesse said late yesterday that its financial statements for the three months ending December 31, and the prior three years should not be relied upon, and that it has engaged an external firm to provide an acting CFO. Vitesse had announced last week that it had suspended its CEO and CFO over irregularities in stock option grants. The firm said that it is conducting an internal investigation over past stock option grants, the timing of those grants, and other related accounting and documentation issues. The firm also said it is being assisted by independent legal counsel, and that there have been additional issues over the integrity of documents concerning the firm's stock option grants. The firm engaged Alvarez & Marsal to provide an interim CFO to the firm.