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Vitesse Semiconductor Sued Over Stock Price

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At a glance:

A class action lawsuit has been filed against Vitesse Semiconductor Corp. on behalf of investors who acquired the stock between January 28, 2003 and April 26, 2006.  
 
The allegation is that the company made false and misleading statements and omissions concerning financial statements, accounting for product returns, and dating of stock options. The alleged misconduct led to an artificially inflated stock price which harmed investors according to the complaint.

Susman Godfrey LLP Files Class Action Lawsuit Against Vitesse ...

Yahoo! News (press release) - 6/1/2006 10:52 AM

LOS ANGELES, June 1 /PRNewswire/ -- On May 31, 2006, Susman Godfrey L.L.P. filed a class action against Vitesse Semiconductor Corp. (Nasdaq: VTSS - News; "Vitesse" or the "Company") and certain of its officers and directors in the U.S. District Court for the Central District of California. The action is on behalf of all persons who purchased or otherwise acquired shares of the common stock of Vitesse between January 28, 2003 and April 26, 2006, inclusive (the "Class Period"), for alleged securities law violations. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's financial statements, including its accounting for product returns as well as the dating of executive stock option grants. It is alleged that as a result, the price of the Company's securities was inflated during the Class Period, thereby h
 
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