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Law360, New York (October 12, 2007, AM EDT) -- Vitesse Semiconductor Corp.announced Thursday that it has agreed to settle all of the class actions and derivative suits brought by its shareholders last year alleging the company deceived investors by backdating stock options, and otherwise manipulating its accounts.“We are very pleased to reach a settlement with the plaintiffs in these actions,” said Vitesse CEO Christopher Gardner in a press release.It now offers a line of Ethernet switching products consisting of Carrier Ethernet switch engines for customer-premises equipment, access network equipment, wireless base stations, mobile access equipment, fiber and microwave wireless backhaul equipment, and metro networking equipment; and Ethernet switches that enable desktop, workgroup, and LAN infrastructure.The company also provides Ethernet media access controllers that offer addressing and channel control mechanisms and are used in enterprise class modular Ethernet switch platforms, as well as in Ethernet-over-SONET/SDH and Ethernet-over-OTN systems used in access, metro, and long-haul carrier networking systems; Ethernet transceivers, including single, quad, and octal devices that allow the transmission of 10/100/1000 BASE-T data over category 5 copper cable and fiber optic cabling for use in personal computers, home electronics, and LAN applications; and Ethernet transceivers with packet timing and synchronization capabilities.

Vitesse settled the matter by agreeing to pay a million civil penalty.The SEC's case against Tomasetta and Hovanec is contested. In 2007, the company and executives settled a class action over backdating allegations for .2 million, plus about 3 million shares of stock.Saturday's edition of the WSJ has a short article on Vitesse Semiconductor (NASDAQ: VTSS) and the cancellation of Monday’s earnings call.The Wall Street Journal (see discussion of article below) pointed out a CEO option grant dated October 1998.The number of shares subject to option was 250,000 and the exercise price was (the trough in the stock price graph below.) Given a year-end price of , the intrinsic value of the options at the end of the year was (-) x 250,000 = ,750,000.