Vitesse Semi Can't Find Good Graces

SAN FRANCISCO -- Vitesse Semiconductor's(VTSS) exile in financial purgatory continues.

The trouble chipmaker once again delayed the completion date of its financial restatements Friday, and cancelled a planned earnings release slated to occur by the end of June, marking the latest twist in one of Wall Street's longest-running and most curious backdating sagas.

The Camarillo, Calif., company said that it will require additional time to complete the audit of its financial statements for fiscal 2006 and 2007. Vitesse Semi had previously promised to file the restatements by the end of June, after having pushed the date back from an earlier target of March. ...