Vitesse Announces Proposed Settlement With SEC
June 01 2009 - 8:00AM
Business Wire
Vitesse Semiconductor Corporation (Pink Sheets:VTSS) announced
that the Staff of the Securities and Exchange Commission (SEC) has
agreed to recommend to the Commission, a proposed settlement which
would conclude for the Company all matters arising from the SEC
investigation, which the Company announced in May 2006, into
historical stock option practices and certain other accounting
irregularities. Under the proposed settlement, the Company would
pay a $3 million civil penalty and consent to the entry of a final
judgment by a federal court permanently enjoining the Company from
violations of the antifraud and other provisions of the federal
securities laws. The proposed settlement is contingent on the
review and approval of final documentation by the Company and the
Staff, and is subject to final approval by the Commission.
Vitesse�s current Board and management, which have been in place
since April 2006, have cooperated with the SEC Staff in this
investigation. The Board and management have significantly
strengthened the Company�s compliance and corporate governance
practices.
About Vitesse
Vitesse designs, develops and markets a diverse portfolio of
high-performance, cost-competitive semiconductor solutions for
Carrier and Enterprise networks worldwide. Engineering excellence
and dedicated customer service distinguish Vitesse as an industry
leader in Gigabit Ethernet LAN, Ethernet-over-SONET, Fibre Channel,
Serial Attached SCSI, Optical Transport, and other applications.
Vitesse innovation empowers customers to deliver superior products
for Enterprise, Access, Metro, and Core applications. Additional
company and product information is available at
www.vitesse.com.
Vitesse is a registered trademark in the United States and/or
other jurisdictions of Vitesse Semiconductor Corporation. All other
trademarks or registered trademarks mentioned herein are the
property of their respective holders.
Safe Harbor
Statements made in this release that are not historical facts
are �forward-looking� statements (as defined in the Private
Securities Litigation Reform Act of 1995) that involve risks and
uncertainties and are subject to change at any time. These
forward-looking statements may include, but are not limited to,
statements containing words such as �anticipate,� �believe,�
�plan,� �estimate,� �expect,� �hope,� �intend,� and similar
expressions. Factors, including those related to our business and
financial result, that could cause actual results to differ are
identified in the public filings made by Vitesse with the
Securities and Exchange Commission, which are available on the web
site of the Securities and Exchange Commission, www.sec.gov. The
forward-looking statements involve known and unknown risks,
uncertainties and other factors that are, in some cases, beyond our
control. We caution investors that any forward-looking statements
made by us are not guarantees of future performance. including, but
not limited to, the risk that the agreement in principle with the
SEC staff does not receive final approval by the Commission or is
otherwise terminated. We disclaim any obligation to update any such
factors or to announce publicly the results of any revisions to any
of the forward-looking statements to reflect future events or
developments.