Vitesse Semiconductor Corp. (VTSS) announced today that the Staff of the SEC has agreed to recommend to the Commission a proposed settlement that would resolve the SEC’s investigation into historical stock option practices and certain other accounting irregularities at Vitesse.
Under the proposed settlement, Vitesse would pay a $3 million civil penalty and consent to an injunction against violating the federal securities laws. Vitesse stated that the proposed settlement remains “contingent on the review and approval of final documentation by the Company and the Staff, and is subject to final approval by the Commission.”
