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Glancy Binkow & Goldberg LLP, Representing Investors of Itron, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses

^{Published on 2011-02-23 18:40:36 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Washington on behalf of a class consisting of all persons or entities who purchased the securities of Itron, Inc. (aItrona or the aCompanya) (NASDAQ:ITRI) between April 28, 2010 and February 16, 2011, inclusive (the aClass Perioda).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].

Itron provides products and services for the energy and water markets worldwide. The Complaint 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 Companya™s revenue and financial results were overstated during the Class Period; (3) the Companya™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 Companya™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 Companya™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.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].