MINNEAPOLIS, March 2, 2011 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Eastern District of Washington on behalf of purchasers of Itron, Inc. ("Itron" or the "Company") (Nasdaq:ITRI) publicly traded securities during the period April 28, 2010 through February 16, 2011 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before April 25, 2011. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint charges that Itron and certain of its officers and directors violated federal securities laws by making false statements and failing to disclose the following: 1) Itron 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) Itron lacked adequate internal and financial controls; and 5), as a result, the Company's financial statements were materially 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. On February 17, 2011, Itron shares fell $6.33, to close at $57.29.
If you purchased Itron, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
CONTACT: Charles H. Johnson & Associates (651) 633-5685