Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of Itron, Inc.
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Itron, Inc. (“Itron” or the “Company”) (NASDAQ:ITRI) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning Itron’s business, operations and financial performance and prospects.
“was driven primarily by delays in global smart grid projects and lower volumes and pricing pressures in certain regions in Europe and Asia/Pacific.”
Itron provides metering systems and solutions and meter data management software to electric, natural gas and water utilities worldwide. The investigation is related to Itron’s Form 8-K filed February 12, 2014, with the Securities and Exchange Commission, in which the Company disclosed that it would take a pre-tax, non-cash charge of $173.2 million for impairment of goodwill in its Electricity segment and reporting unit in the fourth quarter of 2013. According to the Form 8-K, the impairment “was driven primarily by delays in global smart grid projects and lower volumes and pricing pressures in certain regions in Europe and Asia/Pacific.” Following this news, the price of Itron shares declined $5.55 per share, or approximately 14%, to a closing price of $33.64 per share on February 13, 2014, on volume of more than three million shares traded.
If you purchased Itron shares, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.