Lattice Semiconductor Corp. (Hillsboro, OR) announced that it is placing CEO and Chairman Cyrus Tsui and Vice President of Finance Rodney Sloss on a paid leave of absence pending an independent investigation of the company's audit committee. Lattice President Stephen Skaggs has been appointed acting CEO, and board member Patrick Jones has been appointed as acting board chairman. Jan Johannessen will continue in his role as CFO.
The company reported that its audit committee is examining issues primarily associated with executive compensation and several related items pertaining to the company's internal controls. Lattice said that it currently is not aware of any required adjustments to its historical financial results in connection with the investigation. It further said it has furnished information regarding the matters under examination to the US Securities and Exchange Commission, which is conducting an ongoing informal inquiry into the company's prior restatement of financial results.
The issues under investigation were brought to the company's attention by its special litigation committee, which was established for the purpose of conducting a review and investigation of the claims contained in two previously announced shareholder derivative complaints.
