Vitesse Semiconductor Corp. will return to Nasdaq this week after almost five years off the exchange, the Camarillo company said Monday.
The maker of networking components, where previous management was caught up in a stock-options backdating investigation, said that Nasdaq Global Market officials approved its return to the market. The company will trade under its former ticket symbol VTSS beginning Wednesday.
Vitesse stock has been trading on the Pink Sheets. The company was delisted from Nasdaq in June 2006 after failing to file required financial statements as new management worked to fix accounting errors related to options back-dating.
Amid the accounting problems, Vitesse brought in new management that undertook a significant restructuring. The company settled a case brought by the Securities Exchange Commission by paying $3 million without admitting or denying wrongdoing.
Shares earlier closed up 4 cents, or less than a percent, to $4.40 on the Pink Sheets.
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