MINNEAPOLIS, May 21, 2007 (PRIME NEWSWIRE) -- 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. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca