International Rectifier Corp. Announces Agreement in Principle to Settle Securities Fraud Class Action for $90 Million.
August 1, 2009
International Rectifier, headquartered in El Segundo, California, engages in the design, manufacture and marketing of power management products. Plaintiffs alleged that the Company systemically used misleading accounting practices over a period of years in order to report inflated earnings. Discovery Phase client Bernstein Litowitz Berger & Grossman (“BLB&G”) was appointed co-lead counsel on July 22, 2007 and retained Discovery Phase to provide document review support when discovery commenced in early 2009. Discovery Phase contract attorneys reviewed over one million pages of documents in a coordinated review over a period of six months from both the San Diego offices of BLB&G and the San Francisco offices of co-counsel, and Discovery Phase client, Berman DeValerio Pease Tabacco Burt & Pucillo.
International Rectifier announced on July 31, 2009, the parties have reached an agreement in principle to settle the action. The proposed settlement provides for a recovery of $90 million and is subject to execution of a formal agreement and final Court approval.
