On April 18, 2006, after the trading of Vitesse common stock had been halted, the Company issued a press release entitled ``Vitesse Announces Appointment of Special Committee to Investigate Timing of Stock Option Grants.'' The following day, Vitesse shares plunged more than 32% from the prior day's close of $3.11 per share, to a closing price of $2.48 per share. A little over a week later, after the market closed on April 26, 2006, the Company issued another press release entitled ``Vitesse Announces That Its Reported Financial Statements Should Not be Relied Upon and that it has Engaged An Acting Chief Financial Officer.'' The following day, Vitesse shares plunged 23.5% with a closing price of $1.83 per share.
A class action lawsuit has been filed by Pomerantz Haudek Block Grossman & Gross LLP (http://www.pomerantzlaw.com) (``Pomerantz'') in the United States District Court for the Central District of California, against Vitesse Semiconductor Corporation (``Vitesse'' or the ``Company'') (NasdaqNM:VTSS - News) 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 ``Class Period''). The complaint alleges violations of Sections 10(b) and 20(a) the Securities Exchange Act of 1934.
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