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Harwood Feffer LLP Encourages Investors With Losses Exceeding $100,000 From Investment in Itron, Inc. To Inquire About the Lead

  //science-technology.news-articles.net/content/2 .. ment-in-itron-inc-to-inquire-about-the-lead.html
  Published in Science and Technology on Friday, February 25th 2011 at 14:20 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Harwood Feffer LLP announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Washington on behalf of purchasers of the common stock of Itron, Inc. ("Itron" or the "Company") (NASDAQ:ITRI) from April 28, 2010 through February 16, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 25, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a lead plaintiff. You may contact the Harwood Feffer LLP website ([ http://www.hfesq.com ]) or Samuel K. Rosen, directly, at [ srosen@hfesq.com ] to ask any questions you may have in that regard.

The filed 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.

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ([ http://www.hfesq.com ]) for more information about the firm.

If you purchased Itron shares and suffered a loss in excess of $100,000 during the Class Period and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

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