“This litigation has been a distraction for Vitesse management and employees as well as its customers and shareholders.”“This settlement, if approved by the...Vitesse Semiconductor was a fabless American semiconductor company based in Camarillo, California, which developed high-performance Ethernet integrated circuits solutions for Carrier, Enterprise networks.Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options.An example illustrates the potential benefit of backdating to the recipient.
Saturday's edition of the WSJ has a short article on Vitesse Semiconductor (NASDAQ: VTSS) and the cancellation of Monday’s earnings call.
It later raised venture capital from Sequoia Capital and New Enterprise Associates.
It changed its name to Vitesse Semiconductor in 1987. In 1999, it acquired Xa Qti and in 2000, acquired Sitera Vitesse was one of the early developers of gallium arsenide (Ga As) based integrated circuits.
The Securities and Exchange Commission today simultaneously filed and settled civil fraud charges against California-based integrated circuit maker Vitesse Semiconductor Corp.
and four former senior executives for inflating revenue and backdating stock options.