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. The alleged scheme ran between 2001 and mid-2006.
Vitesse paid out $8.75 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.Shares of Vitesse rose 2.5% in afternoon trading Friday to $4.47. --Written by Olivia Oran in New York.
>To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV