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Thursday, Jun 1, 2023

Vitesse Names New Auditing Firm

Vitesse Semiconductor Corp. has chosen BDO Seidman, LLP as its new independent registered public accounting firm, the company announced Tuesday. The accounting company will begin to audit financial statements for fiscal years 2006 and 2007 from Camarillo-based Vitesse so that the company is able to file reports with the U.S. Securities and Exchange Commission. Vitesse was delisted from the Nasdaq National Market last year after the company failed to file financial reports for the quarter ending March 31, 2006 due to an investigation by the Special Committee of the Board of Directors into stock option practices. In December, the special committee reported that former senior management backdated stock options over a number of years, resulting in lower exercise prices for the stock options. The same former executives tried to conceal the backdating by creating or altering documents, the committee’s report said. “We are committed to completing the audits of our financial statements in a timely manner and returning to a listing on a national stock exchange,” said CFO Rich Yonker.

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