Itron, Inc. (2011)
Class Period: Apr 28, 2010 to Feb 16, 2011
Lead Plaintiff Deadline: Apr 25, 2011 + Deadline passed
Summary of Case:
A securitites class action has been filed against Itron, Inc. (2011) (ITRI) ("Itron" or the "Company") on behalf of all securities purchasers from April 28, 2010 through February 16, 2011, inclusive ("Class period") in the United States District Court for the Eastern District of Washington.
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 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) 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 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 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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.