International Rectifier Corp. said Friday that it reached an agreement in principle to pay $90 million to some shareholders to settle a 2007 securities class action lawsuit.

The lawsuit, Edward R. Koller v. International Rectifier Corp., was filed not long after the El Segundo semiconductor maker said that an internal audit committee determined some foreign units had inflated sales, forcing the company to restate past results.

The April 2007 announcement caused a significant drop in the company’s share price. Chief financial officer, Michael McGee, was fired in July of that year and a few months later in October the company’s longtime chief executive, Eric Lidow, resigned.

Also named as plaintiffs in the suit were McGee, Lidow and other former company officers and directors. The settlement would benefit purchasers of company stock, excluding insiders, between July 31, 2003 through February 11, 2008.

International Rectifier proposes to pay the settlement with $45 million of its own funds, with the remainder covered by its insurance carriers.

“The proposed settlement of this class action lawsuit is a significant step in our efforts to resolve the legacy legal issues of the company,” said Chief Executive Oleg Khaykin in a statement. “We are pleased to have an agreement in principle so we can focus our time and efforts on core activities and the growth of our business.”

International Rectifier shares were up 29 cents, or 1.7 percent, to $16.83 in midday trading on the New York Stock Exchange.