Chapman to start proxy contest to replace Vitesse board

New York, July 5 - Chapman Capital LLC said it plans to start a proxy solicitation to replace the board of Vitesse Semiconductor Corp.

The activist investor reported that it has told Vitesse management that it will submit a schedule 14A form to the Securities and Exchange Commission to launch the process.

The move was prompted by the company's "continued non-compliance with commonly accepted standards of corporate governance," according to an SC 13D/A filing with the Securities and Exchange Commission by Chapman.

Chapman also claimed "overwhelming support for issuer board reconstitution by both the issuer's institutional and individual investors."

Chapman has previously made repeated criticisms of the board.

The investor owns 14,125,193 shares of Vitesse stock, or a 6.3% stake.

Vitesse is a Camarillo, Calif., developer of semiconductor solutions for communications and storage networks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.