Securities and Exchange Commission v. Vitesse Semiconductor Corp., Louis R. Tomasetta, Eugene F. Hovanec, Yatin D. Mody and Nicole R. Kaplan
Published: Apr. 30, 2011 | Result Date: Mar. 22, 2011 | Filing Date: Jan. 1, 1900 |Case number: 1:2010-cv-09239 Settlement – $3,000,000
Court
SD New York
Attorneys
Plaintiff
Dean M. Conway
(Securities and Exchange Commision)
Defendant
Gary S. Lincenberg
(Bird Marella)
Dan E. Marmalefsky
(Morrison & Foerster LLP)
Facts
The Securities and Exchange Commission (SEC) filed suit against Vitesse Semiconductor Corp. and its former executives over allegations that the company fraudulently inflated revenue and backdated stock options.
Result
Without admitting fault, the California-based chipmaker agreed to pay a $3-million penalty. In a related case, two of its former executives, Yatin Mody and Nicole Kaplan, have pleaded guilty in related criminal proceedings. Defendants Louis Tomasetta and Eugene Hovanec were not part of the SEC settlement.
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