Lawfuel – The Law Newswire – MINNEAPOLIS, May 21, 2007 – Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of International Rectifier Corporation (“IRF” or
the “Company”) (Nasdaq:IRF) publicly traded securities during the
period October 27, 2005 through April 9, 2007 (the “Class Period).
If you are a member of the proposed Class, you may move the court to
serve as a lead plaintiff for the Class on or before June 18, 2007. You
do not need to be a lead plaintiff in order to share in any recovery
that may be obtained.
The Complaint alleges that IRF and certain of its officers and
directors violated Federal Securities Laws. Defendants failed to
disclose that IRF’s revenues, gross profits, earnings, and accounts
receivable were false and misleading, and in violation of generally
accepted accounting principles. The Complaint further alleges that on
April 9, 2007, before the markets opened, IRF disclosed that an
internal investigation revealed “accounting irregularities” at one of
IRF’s foreign subsidiaries which included premature revenue recognition
of product sales.
The Company disclosed that its Audit Committee had determined that a
material weakness existed in the Company’s internal control over
financial reporting, and therefore management’s previously issued
representations that the Company possessed adequate internal controls
could no longer be relied upon by investors. On this news, shares of
the Company’s stock declined $2.83 per share, or 7.3%, to close on
April 9, 2007 at $35.97 per share.
If you purchased International Rectifier Corporation securities during
the Class Period, or have any questions concerning this notice or your
rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. ([email protected])
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
More information on this and other class actions can be found on the
Class Action Newsline at www.primenewswire.com/ca