| 01/03/06 |
New Year Opening Price |
$1.95 |
| 01/23/06 |
Q1 2006 Conference Call
Excellent Forward-Looking Statements by CEO Lou Tomasetta. |
$2.22 |
| 01/24/06 |
Post CC |
$2.74 |
| 02/03/06 |
Vitesse on the Road Back to Profitability
Forward-looking comments in the company's earnings conference
call have undoubtedly fueled the rally in Vitesse. Management
expects continuing top-line increases in all its major product
lines. Storage is expected to increase 7% sequentially in the
coming second quarter, to $16 million. Networking products should
be up 8%, to $31.5 million, and Ethernet is expected to surge
another 17% to generate $10.5 million in revenue. |
$2.93 |
| 02/08/06 |
Cramer's 'Mad Money' Program mentions VTSS |
$3.20 |
| 03/31/06 |
PPS Peaks |
$3.73 |
| 04/18/06 |
Conference Call Cancelled – 3 Executives Suspended
- Trading Halted
Vitesse Semiconductor put three top executives including its CEO
on leave as the board appointed a special panel to investigate
possible backdating of stock option grants. |
$3.11 |
| 04/19/06 |
News Sinks In
Shares of Vitesse Semiconductor plunged in late trading
Tuesday after the chip company said three of its top executives
have been placed on leave amid a probe into stock option grants |
$2.48 |
| 04/27/06 |
Vitesse to Restate
Vitesse plunged 24% after saying it would have to restate three
years' worth of financial results as it grapples with a stock
option scandal.No one will predict completion date for restating. |
$1.82 |
| 05/02/06 |
The Lawsuits Begin
A class action lawsuit has been filed by Pomerantz Haudek Block
Grossman & Gross LLP in the United States District Court for
the Central District of California, against Vitesse Semiconductor
Corporation and certain of its officers, on behalf of purchasers
of the common stock of the Company during the period from October
23, 2003 to April 26, 2006, inclusive. The complaint alleges violations
of Sections 10(b) and 20(a) the Securities Exchange Act of 1934. |
$1.84 |
| 05/17/06 |
Vitesse Cashiers CEO
The Camarillo, Calif., company said CEO Louis Tomasetta and two
other top execs were terminated as an internal probe of possible
option backdating was expanded to cover general revenue recognition
issues and quarter-end cash reporting. Shares fell 26%. |
$1.48 |
| 05/31/06 |
Milberg Weiss Is Lead Counsel For 15 Class-Action Lawsuits Vs.
VitesseVitesse BOD member Jim Cole told three Vitesse Action Group
interviewers on 6.1.06 that "we'll bundle all these up,"
adding that Milberg Weiss is lead counsel. Revealingly, "Fortune"
magazine's 11.3.06 cover story would feature "The Fall Of
America's Meanest Law Firm," outlining Federal indictments
against this same lead counsel against Vitesse, which once boasted
of collecting $45 billion from U.S. corporations since its 1965
founding. Prosecutors indicted M-W for allegedly paying three
plaintiffs $11.4 million in illegal kickbacks in 180 cases spanning
25 years, and then repeatedly lying about it to the courts. On
11.28.06, the "Los Angeles Times" added that the "ongoing
fraud investigation of class-action law firm Milberg Weiss Bershad
& Schulman. . .may include 'new crimes' that could involve
the firm's use of expert witnesses in hundreds of cases." |
$1.68 |
| 06/05/06 |
Tennenbaum loans Vitesse $24 million – Takes substantially
all company assets as collateral. |
$1.69 |
| 06/12/06 |
Tennenbaum pledges a further $30 million |
$1.51 |
| 06/27/06 |
Vitesse Faces Nasdaq DelistingVitesse Semiconductor will be
delisted from the Nasdaq National Market on Wednesday because
of delinquent financial statements. |
$1.20 |
| 06/29/06 |
NOTICE OF DELISTING |
$1.37 |
| 07/06/06 |
Chris Gardner Formally Appointed CEO |
$1.42 |
| 07/10/06 |
Chapman files 13D – Hedge-fund acquires more than 5% of
VTSS. States Auction value of company $4.50 |
$1.53 |
| 07/27/06 |
Finally, Vitesse Management Hold Conference Call |
$1.28 |
| 07/28/06 |
Post – Conference Blues |
$1.00 |
| 08/15/06 |
Debenture Holders Claim Vitesse in Default on Loans |
$0.90 |
| |
Throughout August, September and October - little news except
ongoing negotiations between debenture holders and Vitesse vis
a vis Alleged Loan Default. Vitesse posts occasional positive
PR relating to new products. |
|
| 10/26/06 |
The Board of Directors of Vitesse Semiconductor Corporation
elected Christopher Gardner, the Company's Chief Executive Officer,
as a director of the Company. Mr. Gardner was also appointed to
the Executive Committee of the Board of Directors of the Company.
|
$1.14 |
| 11/06/06 |
Vitesse Bondholders Approve Consent Solicitation Bondholders
agree to re-negotiated terms of Debenture Agreement |
$1.26 |
| 11/06/06 |
Vitesse Conference Call Updates Shareholders on Status
of the Company.
Call gives upbeat assessment for future. Limited financial
disclosures indicate good business growth.In its public calls,
Vitesse indicated that projects were underway that would likely
result in significant changes to the reported inventory figures. |
$1.26 |
| 11/07/06 |
The Day After the CC
Stock trades over 3 million shares and closes up 3% |
$1.30 |
| 12/18/06 |
Vitesse Announces Appointment of New CFO Rich Yonkers |
$0.91 |
| 12/19/06 |
Vitesse Probe Discovers Options Backdating
To no one's surprise, all blame rests with departed executives.
BOD were completely unaware of any wrongdoing. The company will
provide audited financial statements for its fiscal year ended
Sept. 30, 2006 and thereafter. Previous years including 2004,
2005 will not be available. Multiple accounting malpractice's
were identified relating to reported sales, revenues, inventories
etc…The Board of Directors of Vitesse dismissed KPMG LLP ("KPMG")
as the independent public accountants of Vitesse. |
$0.92 |
| 01/02/07 |
A new year begins. |
$0.87 |
| 01/14/07 |
Vitesse Conference Call Updates Shareholders on Status
of the Company.
The company seems to be heading in the right direction with
several positives. Revenues were between $60M and $62M. Revenues
grew upwards of 28%. Growth was driven primarily by Ethernet
and SAS storage applications. Still no financials. Close to
finding a company to audit financials. Cash is hovering around
$15 million. |
$0.98 |
| 01/14/07 |
The Day After the CC
The stock trades 2.7 million shares and rises 6%. |
$1.04 |
