Vitesse Dropped From Nasdaq

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Vitesse Semiconductor Corp. dropped off the Nasdaq National Market on Wednesday for failure to the stock exchange’s listing requirements.


The Camarillo-based chip maker is under investigation by federal prosecutors in the State of New York and by the Securities and Exchange Commission over the times of its stock option grants. Vitesse failed to meet a May 10 deadline to file financial statements for the quarter ending March 31 due to an ongoing investigation by a special committee of its board of directors.


Vitesse said in a statement said it was committed to regaining compliance with all Nasdaq listing requirements and obtaining a relisting. The chip maker noted that meets all other listing requirements except the ability to file financial statements.


Vitesse said its common stock would trade on the Pink Sheets, and has been informed that certain market makers will continue to make a market in Vitesse stock. Shares listed at $1.45 on Wednesday.

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