United Business Media EE Times


Search

HOMEMARKET INTELLIGENCE UNITFORUMSDESIGNNEW PRODUCTSCAREERSBLOGSCONTACTEVENTSSIGN UP!RSSMost Popular contentTrusted Sources

 

Troubled Vitesse says stock will be delisted
Print this article Email this article Reprints RSS Digital Edition

EE Times


SAN JOSE, Calif. — It's gone from bad to worse for Vitesse Semiconductor Corp. On top of a stock-option scandal, the troubled communications-chip maker on Monday (June 26) announced it has been informed that its common stock will be delisted from the Nasdaq National Market as of the opening of the market on June 28.

Vitesse (Camarillo, Calif.) believes that its common stock will trade in the "Pink Sheets" on and after June 28.

The company, which is in the midst of a stock-option scandal, has been informed that certain traders will continue to make a market for its stock.

Other than its inability to file financial statements, Vitesse meets all other listing requirements for the Nasdaq National Market.

On May 18, Vitesse was hit by a subpoena and Securities and Exchange Commission probe investigating its stock option grant practices. This came a day after Vitesse terminated three executives, including chief executive Louis Tomasetta, as the company investigates its business practices.

A growing number of U.S. electronics companies have been caught up in the stock options . Recently, Securities and Exchange Commission Chairman Christopher Cox said the agency would issue new guidelines on the backdating of stock options "that will more clearly circumscribe the bounds of acceptable conduct."






  Free Subscription to EE Times
First Name Last Name
Company Name Title
Email address
  Click here for your Free Subscription to EETimes Europe
 
CAREER CENTER
Looking for a new job?
SEARCH JOBS
SPONSOR

RECENT JOB POSTINGS
CAREER NEWS
DoD Recognizes University Scientists For Basic Research
Annual awards to university faculty to conduct next-generation research projects were announced this week by the Defense Department.

For more great jobs, career related news, features and services, please visit EETimes' Career Center.



All White Papers »   

  Around Silicon Strategies

10 emerging technologies to watch: EE Times has compiled a list of emerging technologies that we think will be worth watching out for in 2010. Biofeedback or thought-control of electronics are among the contenders. More...

Hot applications in 2010: We've compiled a list of 10 technology applications you should watch for in 2010, ranging from e-book readers to 3-D TVs. We examine the features that make these apps so compelling as well unresolved issues. More...

Top 25 predictions for semis in 2010: 2010 is just beginning to unfold in the electronics industry. Looking into our crystal ball, we have released our own chip forecasts--and other predictions--for 2010. More...

Seven things to fix in 2010: The editors of EE Times came up with their own informal list of things we hope engineers fix in 2010, spanning everything from nano-lithography to space travel. What do you want to see get done this year? More...

'09 moves that are shaping the future: This was a brutal year, but the industry gets a nod for showing grace under fire. Here's our Top 10 guide to the coming year, illustrating what to expect in 2010. More...

10 CEOs out in 2009: It's been a tough year for the global electronics industry and CEOs. We survey the dismissal of 10 industry CEOs during the first three quarters of 2009 and what's ahead for the rest of the year. More...

Notable women in microelectronics: There is no better time than a global economic recession to examine the keys to successful corporate governance. So, EE Times has compiled an international list that celebrates women who are business and technology leaders in semis. More...

EE Times updates Silicon 60: Seventeen companies have been added to the lastest version of our Silicon 60 list of emerging startups. Forty-three companies survived as emerging companies that are still worth watching. More...

 
Education and
Learning


Learn Now:












Home | About | Editorial Calendar | Feedback | Subscriptions | Newsletter | Media Kit | Contact | Reprints|  RSS|   Digital|  Mobile
Network Websites
International
Network Features




All materials on this site Copyright © 2010 TechInsights, a Division of United Business Media LLC All rights reserved.
Privacy Statement | Terms of Service | About