Ex-CEO Louis Tomasetta and former Executive Vice President Eugene Hovanec were also charged with conspiracy and making false filings with the Securities and Exchange Commission. Vitesse paid out .75 million in 2007 to settle shareholder lawsuits over the backdating of employee stock options.Tomasetta and Hovanec were fired in 2006 after an investigation over the timing and accounting of past stock-option grants.This raised Raging Capital’s total position to 14.3 million shares, or approximately 25% of Vitesse’s outstanding shares.
On March 18, 2015 Microsemi Corporation and Vitesse Semiconductor Corporation jointly announced that Microsemi would acquire Vitesse.
The SEC […] Of the eight general counsels pursued by the SEC or prosecutors for alleged improper stock options backdating, four are still fighting charges, three have settled or pleaded guilty and one was acquitted, NLJ reports.
The lone acquittal to date has been Kent Roberts, the former general counsel for Mc Afee Inc., who was acquitted of criminal […] On Thursday, the SEC dropped its options backdating case against Kent Roberts, former general counsel of Mc Afee Inc.
The company also provides Ethernet media access controllers that offer addressing and channel control mechanisms and are used in enterprise class modular Ethernet switch platforms, as well as in Ethernet-over-SONET/SDH and Ethernet-over-OTN systems used in access, metro, and long-haul carrier networking systems; Ethernet transceivers, including single, quad, and octal devices that allow the transmission of 10/100/1000 BASE-T data over category 5 copper cable and fiber optic cabling for use in personal computers, home electronics, and LAN applications; and Ethernet transceivers with packet timing and synchronization capabilities.
In addition, it provides a line of connectivity products, which comprise mixed-signal physical media devices, physical layer devices, crosspoint switches, and signal integrity devices that are used for the connection of systems via optical fiber, copper cable, or backplanes.
Further, Vitesse offers a range of transport processing products, such as framers, mappers, and switches, which support data rates up to 10 Gbit/s for SONET/SDH, Eo S, and OTN applications.