Vitesse Semiconductor Corp. common stock is now being traded in the Pink Sheets following its delisting from the Nasdaq National Market, the company has announced. But the Camarillo-based manufacturer cannot guarantee that the stock will continue to be listed in the Pink Sheets. The Pink Sheets is not regulated by the National Association of Securities Dealers or the U.S. Securities and Exchange Commission. The Nasdaq National Market delisted Vitesses common stock because the company failed to file financial reports for the quarter ending March 31. Vitessse President and Chief Executive Officer Chris Gardner said the company is undertaking measures to ensure the accuracy of the financial reports and filing them as soon as possible. “We are committed to regaining compliance with all Nasdaq listing requirements and obtaining a relisting of our stock in a timely manner,” Gardner said. Vitesse failed to meet the May 10 deadline to file financial statements for the quarter ending March 31 due to an ongoing investigation by the Special Committee of the Board of Directors. Vitesse is under investigation by federal prosecutors in New York State and by the Securities and Exchange Commission over the granting of stock options.
