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Thursday, Dec 8, 2022
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Vitesse Forecasts Audit Completion in 2Q

An audit to determine the impact of backdating of stock options at Vitesse Semiconductor Corp. won’t be completed until the second quarter, the company announced. The Camarillo-based manufacturer had previously stated completion of the audit of fiscal years 2006 and 2007 by March 31. “This project remains the top priority for Vitesse’s management team and audit committee,” Vitesse CFO Rich Yonker said. “We will continue to work diligently to finish the audits as soon as practicable.” In December 2006, a special committee to the Vitesse board concluded that former senior management had improperly backdated the dates of stock options over a number of years and then tried to conceal the backdating by creating or altering documents. The backdating scheme is expected to cost the company as much as $120 million, the special committee reported.

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