Vitesse Faces Delisting

Staff Reporter -- Electronic News, 6/27/2006

In more bad news for the company, Vitesse Semiconductor Corp. said it will be delisted from the Nasdaq National Market as of the opening of the market on June 28.

Vitesse said Monday in a statement that it believes its common stock will trade in the "Pink Sheets" on and after June 28. The company said that traders will likely continue to make a market in Vitesse's stock.

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

As one of the several companies coming under fire recently for alleged backdating of stock options, in May Vitesse announced that it was under investigation by the SEC. In the same week, Vitesse fired its CEO, CFO and an executive VP.  The company was also named as a defendant in a suit filed last month by company shareholders for alleged securities law violations.