| Company: | International Rectifier Corp. |
| Ticker Symbol: | NYSE: IRF |
| Class Period: | October 27, 2005 to April 9, 2007 |
| Date Filed: | Apr-18-07 |
| Lead Plaintiff Deadline: | Jun-16-07 |
| Court: | Central District, CA |
| Allegations: |
A class action suit has been filed in the United States District Court for the Central District of California against International Rectifier Corporation ("IRF" or the "Company") (NYSE: IRF) and certain of its officers and directors, on behalf of all persons or entities who purchased the common stock of IRF between October 27, 2005 and April 9, 2007, inclusive (the "Class Period").
The Complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publicly issuing a series of false and misleading statements regarding the Company's business and financial results, thus causing IRF's common stock to trade at artificially inflated prices. In particular, the Complaint alleges that, unknown to investors, during the Class Period, defendants knew or recklessly disregarded that IRF's: (i) revenues, (ii) gross profits (iii) earnings, and (iv) accounts receivable were false and misleading, in violation of generally accepted accounting principles. In addition, the Complaint alleges that the Company's internal controls were inadequate.
The Complaint further alleges that on April 9, 2007, before the markets opened, IRF disclosed, among other things, that an internal investigation at the Company revealed "accounting irregularities" at one of the Company's foreign subsidiaries. The Company further disclosed that the accounting irregularities included among other things premature revenue recognition of product sales. In addition, according to the Complaint, based on an interim report of the investigation, the Audit Committee of the Board of Directors concluded that the Company's financial statements for the quarters ended December 31, 2006, September 30, 2006, March 31, 2006, December 31, 2005 and September 30, 2005, and for the year ended June 30, 2006, should no longer be relied upon. Furthermore, the Complaint alleges that the Company cited "material weaknesses in the internal control over financial reporting at a foreign unit."
On April 9, 2007, in reaction to IRF's surprising disclosure, its shares declined from $38.80 per share at the close of trading on April 5, 2007, to close at $35.97 per share, a decline of $2.83 per share or approximately 7.3%, on unusually heavy volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publicly issuing a series of false and misleading statements regarding the Company's business and financial results, thus causing IRF's common stock to trade at artificially inflated prices. In particular, the Complaint alleges that, unknown to investors, during the Class Period, defendants knew or recklessly disregarded that IRF's: (i) revenues, (ii) gross profits (iii) earnings, and (iv) accounts receivable were false and misleading, in violation of generally accepted accounting principles. In addition, the Complaint alleges that the Company's internal controls were inadequate.
The Complaint further alleges that on April 9, 2007, before the markets opened, IRF disclosed, among other things, that an internal investigation at the Company revealed "accounting irregularities" at one of the Company's foreign subsidiaries. The Company further disclosed that the accounting irregularities included among other things premature revenue recognition of product sales. In addition, according to the Complaint, based on an interim report of the investigation, the Audit Committee of the Board of Directors concluded that the Company's financial statements for the quarters ended December 31, 2006, September 30, 2006, March 31, 2006, December 31, 2005 and September 30, 2005, and for the year ended June 30, 2006, should no longer be relied upon. Furthermore, the Complaint alleges that the Company cited "material weaknesses in the internal control over financial reporting at a foreign unit."
On April 9, 2007, in reaction to IRF's surprising disclosure, its shares declined from $38.80 per share at the close of trading on April 5, 2007, to close at $35.97 per share, a decline of $2.83 per share or approximately 7.3%, on unusually heavy volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
