Defendant Name:
Vitesse Semiconductor Corporation
Defendant Type:
Public Company
Document Reference:
LR-21769
Document Details
Legal Case Name
SEC v. Vitesse Semiconductor Corporation, Louis R. Tomasetta, Eugene F. Hovanec, Yatin D. Mody, and Nicole R. Kaplan
Document Name
SEC Charges Vitesse Semiconductor Corporation and Four Former Vitesse Executives in Revenue Recognition and Options Backdating Schemes
Document Date
10-Dec-2010
Document Format
Civil Proceeding
Case Number
10-cv-09239
Federal District Court
New York, Southern District of New York
AAER
3217
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 10, 2010, the SEC issued a litigation release announcing that it filed a civil fraud charges against Vitesse Semiconductor Corporation and four former senior executives of the company. According to the SEC: "Vitesse, through the former senior executives, perpetrated fraudulent and deceptive schemes during 1995 to April 2006 to inflate revenue from shipment of Vitesse's products and to backdate stock options to employees and officers by failing to record millions of dollars of compensation expense.... Vitesse has settled the matter by agreeing to be permanently enjoined and to pay a $3 million civil penalty."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Cooperation Before the Resolution
Other Defendants in Action:
