East Hills, NY 7/19/07; 8/2/07; 8/20/07—Pall announced in early August that its Audit Committee determined that the company will be required to restate its annual and quarterly results for some or all of fiscal years 1999–2006. The decision is related to Pall’s July announcement of an inquiry into “the possible material understatement of US income tax payments and of its provision for income taxes in certain prior periods beginning with fiscal year ended July 31, 1999.” The finding relates to the taxation of certain indebtedness of Pall to one of its foreign subsidiaries, specifically, the taxation of certain intercompany payable balances related to the sale of products by a foreign subsidiary to the US subsidiary, which may have resulted in dividend income that was not reported as taxable income. Although the final amount of such income has yet to be determined and payment will include interest on overdue amounts, Pall estimates that taxes could be more than $130 million, excluding interest and penalties. On August 20, Pall announced it had entered into an amendment and waiver from its lenders under its $500 million revolving credit facility related to its failure to comply with certain terms of its debt due to the investigation.