Itron Inc ITRI Securities Stock Fraud

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Company: Itron Inc
Ticker Symbol: ITRI
Class Period: Apr-28-10 to Feb-16-11
Date Filed: Feb-24-11
Lead Plaintiff Deadline: Apr-25-11
Court: Eastern District of Washington
Washington, DC: A lawsuit has been filed in the United States District Court for the Eastern District of Washington on behalf of a class (the "Class") of investors who purchased Itron, Inc. ("Itron" or the "Company") (NASDAQ: ITRI) securities between the period of April 28, 2010 and February 16, 2011, inclusive (the "Class Period").

Itron provides products and services for the energy and water markets worldwide. Plaintiff alleges that the Company and certain of its executive officers issued false and misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenue on a contract due to an extended warranty obligation; (2) the Company's revenue and financial results were overstated during the Class Period; (3) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); (4) the Company lacked adequate internal and financial controls; and (5), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On February 16, 2011, Itron announced it was restating its financial results for the quarters ended March 31, June 30, and September 30, 2010, to correct improperly recognized revenue on a contract due to an extended warranty obligation. The Company's restatement reduced total revenue for the first nine months of 2010 by $6.1 million, and both GAAP and non-GAAP diluted earnings per share were reduced by $0.11 over this same period. On this news, Itron shares declined $6.33 per share, to close on February 17, 2011, at $57.29 per share, on unusually heavy trading volume.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Itron Inc ITRI Securities Fraud Legal Help

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