Chapman Capital Reduces Stake in Vitesse Semiconductor (VTSS) to 6.2%, Demands Resignation of Director Cole
In an amended 13D filing on Vitesse Semiconductor (OTC: VTSS), Chapman Capital disclosed a 6.2% (13.8 million shares) stake in the company. The is down from the 7.3% stake the firm disclosed in its original 13D filing in July.
The fund said, "Based on the increased percentage of the Funds' capital being invested in semiconductor-related equities, the Reporting Persons determined it prudent to reduce their long semiconductor sector exposure via sales of Common Stock."
The fund also disclosed a press release demanding the resignation of director James A. Cole. Robert L. Chapman, Jr., Managing Member of Chapman Capital L.L.C., commented, “Having conducted its own investigation of the Compensation Committee that seems to have approved the issuance of backdated stock options to former senior executives of Vitesse, Chapman Capital has followed a trail of circumstantial evidence and now finds itself on the doorstep of 20-year Vitesse director and Compensation/Audit Committees member Jim Cole."
The fund said, "Based on the increased percentage of the Funds' capital being invested in semiconductor-related equities, the Reporting Persons determined it prudent to reduce their long semiconductor sector exposure via sales of Common Stock."
The fund also disclosed a press release demanding the resignation of director James A. Cole. Robert L. Chapman, Jr., Managing Member of Chapman Capital L.L.C., commented, “Having conducted its own investigation of the Compensation Committee that seems to have approved the issuance of backdated stock options to former senior executives of Vitesse, Chapman Capital has followed a trail of circumstantial evidence and now finds itself on the doorstep of 20-year Vitesse director and Compensation/Audit Committees member Jim Cole."
Labels: Chapman Capital, VTSS
posted by Lon at 3:26 PM
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