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International Rectifier Provides Update On Restatement Process

May 14, 2008 by Jeff Shepard

International Rectifier Corp. filed a Form 12b-25 with the Securities and Exchange Commission ("SEC") providing information for the period ended March 31, 2008, describing certain matters that prevent it from filing its quarterly report on Form 10-Q for this same period, and providing an update on its restatement process.

As previously reported in other filings with the SEC, the Audit Committee of the company’s Board of Directors has determined that the company’s financial statements for its fiscal quarters ended September 30, 2003 through December 31, 2006 and for its fiscal years ended June 30, 2004 through June 30, 2006 should not be relied upon.

The company has previously reported that it has received a three-month extension for continued listing and trading on the New York Stock Exchange ("NYSE"). The extension, which is subject to reassessment by the NYSE on an ongoing basis, provides the company until June 17, 2008 to file its Annual Report on Form 10-K for the year ended June 30, 2007 with the SEC. The NYSE has advised the company that it will closely monitor the company’s progress regarding the completion of its June 30, 2007 Annual Report.

If the company does not complete and file the Annual Report by June 17, 2008, the company can once again be reassessed by the NYSE for an additional trading period of up to three additional months. The company states that it continues to work diligently and, absent a significant development that would arise from its ongoing assessment of the results of its internal investigation, and its review and audit of restated financial statements, the company plans to be able to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2007 in compliance with the June 17, 2008 date established by the NYSE, in addition to its quarterly reports on Form 10-Q for fiscal quarters ended September 30, 2007, December 31, 2007 and March 31, 2008.