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SAN JOSE, Calif. (AP) - Power Integrations Inc. may restate financial statements for the years 1999 through 2004 and for the first three quarters of 2005, because the circuit maker expects to record "material" non-cash charges for stock-based compensation in prior periods.
The San Jose, Calif.-based company said the charges would decrease income from operations, net income, and retained earnings figures.
Power Integrations also said Chairman Howard Earhart resigned, effective May 4, and Chief Financial Officer John Cobb resigned. The board expects to elect a non-executive chairman from existing directors, and the company is initiating a search for a new finance chief immediately.
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