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Vitesse Agrees To $10.2M Settlement In Backdating Suit

Law360 (October 12, 2007, 12:00 AM EDT) -- Vitesse Semiconductor Corp. announced Thursday that it has agreed to settle all of the class actions and derivative suits brought by its shareholders last year alleging the company deceived investors by backdating stock options, and otherwise manipulating its accounts.

“We are very pleased to reach a settlement with the plaintiffs in these actions,” said Vitesse CEO Christopher Gardner in a press release. “This litigation has been a distraction for Vitesse management and employees as well as its customers and shareholders.”

“This settlement, if approved by the...
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