Vitesse Semiconductor (VTSS) put three top executives including its CEO on leave as the board appointed a special panel to investigate possible backdating of stock option grants.
The Camarillo, Calif., chip company said the board panel will "conduct an internal investigation relating to past stock option grants, the timing of such grants and related accounting and documentation. The Special Committee is being assisted by independent outside legal counsel." Vitesse says CEO Louis R. Tomasetta, exec VP Eugene F. Hovanec and finance chief Yatin Mody have been placed on administrative leave. Chris Gardner has been named acting CEO. Questions about options pricing and possible backdating have plagued giant health insurer UnitedHealth (UNH) ever since a report last week by The Wall Street Journal. The Minnesota company says its board is looking into the matter. Vitesse said the probe could lead to a restatement. Its shares rose 6 cents to $3.17.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,776.59 | 1,340.98 | 2,906.52 | 19.78 |
Oil *
117.31
|
|
DOWN
113.87 |
DOWN
10.97 |
DOWN
20.71 |
DOWN
0.69 |
10 Yr
1.98%
SPDR Gold
167.14
|
|
-0.88%
|
-0.81%
|
-0.71%
|
-3.37%
|
Data delayed 20 minutes |
Connect with TheStreet