Integrated-circuit maker may restate prior results to correct irregularities including premature revenue recognition.
International Rectifier, a manufacturer of integrated circuits used in power management systems, disclosed that an internal investigation has uncovered accounting irregularities at a foreign subsidiary.
The company added that it may restate prior results to correct the irregularities, which include premature revenue recognition, and warned investors to ignore its financial results for the past five quarters and the fiscal year ended June 30, 2006.
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International Rectifier also disclosed that material weaknesses in the internal control over financial reporting exist at that foreign subsidiary.
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