Vitesse.Vitesse: Former senior management with Vitesse Semiconductor Corp. improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. backdated the dates of stock options over a number of years, a special committee to the company's board found. The backdating Predating a document or instrument prior to the date it was actually drawn. The negotiability of an instrument is not affected by the fact that it is backdated. resulted in lower exercise prices for the stock options. The same former executives tried to conceal conceal, v to hide; secrete; withhold from the knowledge of others. the backdating by creating or altering documents, the committee's report said. The backdating scheme is expected to cost the Camarillo-based company as much as $120 million, the special committee reported. The committee's investigation was the result of an ongoing probe by the U.S. Securities and Exchange Commission into improperly awarded stock options. Vitesse is one of several San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. companies under investigation. |
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