BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith, representing investors of Itron, Inc. (“Itron” or the “Company”) (NASDAQ:ITRI), has filed a class action lawsuit in the United States District Court for the Eastern District of Washington on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Itron between April 28, 2010 and February 16, 2011, inclusive (the “Class Period”).
Itron provides products and services for the energy and water markets worldwide. The Complaint alleges that the Company and certain of its executive officers misrepresented 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; (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 next day, February 17, 2011, Itron shares declined $6.33 per share.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Itron securities between April 28, 2010 and February 16, 2011, you have certain rights and have until April 25, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 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, by email to firstname.lastname@example.org or visit our website at http://www.howardsmithlaw.com.