Vitesse Semiconductor Corp. has cancelled its Monday second-quarter earnings call and said it won’t file its quarterly report on time, due to an internal probe into stock options accounting.

Camarillo-based Vitesse, which has placed three top executives on leave during the probe, said late Thursday it “will not be in a position” to file its quarterly 10-Q report to the Securities and Exchange Commission for the quarter ending March 31 by the May 10 due date.

On Tuesday, Vitesse said it would probe the timing and accounting of certain stock option grants, and warned it may need to restate past financial results, depending upon the outcome of the investigation.

Vitesse shares dropped 7 percent to $2.51 on Friday. They had plunged 20 percent on Wednesday following the Tuesday announcement. Analysts had been expecting the company would report a loss of 3 cents per share for the quarter with revenue of $58 million.

Vitesse said it placed Chief Executive Louis R. Tomasetta, Chief Financial Officer Yatin Mody and Executive Vice President Eugene F. Hovanec on leave because of their involvement with issues related to the integrity of documents relating to Vitesse’s stock option grant process.

Chris Gardner, vice president and general manager for the network products division, has been installed as acting president and chief executive.

Vitesse, which makes integrated circuits for communications and storage networks, was mentioned in a March 18 Wall Street Journal article concerning how some executives appeared to benefit from options issued shortly before a large price run-up in the stock.

If the options actually had been backdated, that would enable an options holder to exercise the option, or buy at a low price, and then sell at the higher market price later.

In the Journal article, a member of the Vitesse board’s compensation committee said a review of grants to Tomasetta found “nothing extraordinary” about their timing.