I’m in New York at a Lightreading conference. Trading has been halted in Vitesse Semiconductor (NASDAQ: VTSS) all day.
Consolidation in the communication semiconductor area is long overdue. The length of the delay (5 hours now) would indicate that someone, somewhere was surprised.
There is also the WSJ article on options backdating, though it’s hard to see why an investigation would halt the stock for so long.
I’m keeping an open mind and hoping that they are helping lead the consolidation of the industry, as they did a year ago in the aborted AMCC (NASDAQ: AMCC) merger (and the echo-rumors that followed). This is what needs to happen.
UPDATE: An internal investigation is being launched into stock options backdating…. but why the sudden surprise and trade halt?