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Technology Stocks : Vitesse Semiconductor
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From: JakeStraw5/17/2006 9:33:41 AM
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Vitesse Semi terminates Tomasetta, other execs; stock drops - By Michael Baron
NEW YORK (MarketWatch) -- Vitesse Semiconductor Corp. terminated Chief Executive Officer Louis Tomasetta, Chief Financial Officer Yatin Mody and Eugene Hovanec, an executive vice president. The trio was placed on administrative leave in mid-April as the company examined issues related to the integrity of documents pertaining to stock option grants. The Camarillo, Calif., semiconductor company named Christopher Gardner, a former COO with Vitesse who'd been serving as acting CEO, to succeed Tomasetta. Shawn Hassel was named chief financial officer. The company also said it's expanded its previously disclosed internal inquiry to include a review of its general revenue recognition policies as well as practices related to its cash position at the end of certain reporting periods. In addition, Vitesse said it's received notice from Silicon Valley Bank that it's in default with certain covenants of its credit facility, and the bank is requiring it to pay default interest under the facility until the situation is fixed. Vitesse said it's in active talks with the bank and has reached potential terms for a short-term forbearance that should allow it to continue efforts to obtain additional financing. The stock dropped 18.9% to $1.50 in pre-market action on Instinet
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