International Rectifier accounting irregularities probe by Calif. authorities ends

International Rectifier probe by CA officials end

EL SEGUNDO, Calif. — International Rectifier Corp. said Monday that California authorities have decided not to bring any action against it for accounting irregularities that led to a restatement of financial results.

But while the U.S. Attorney in the central district of California won’t bring charges against the company and its executives, directors and employees, a probe by Securities and Exchange Commission continues.

In August 2008, the company restated its financials for the quarters ended March 31, 2007, and for three quarters ended Sept. 30, 2007, to March 31, 2008. It also restated its fiscal 2007 results. In April 2007, the company said it found accounting irregularities at a foreign subsidiary.

El Segundo, Calif.-based International Rectifier makes power management chips for satellites and aircraft. Shares were down 34 cents to $19.37 in afternoon trading.