SOURCE: Brower Piven, A Professional Corporation

March 03, 2011 13:46 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in Itron, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 25, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 3, 2011) - Brower Piven, A Professional Corporation 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) during the period between April 28, 2010 and February 16, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class 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 or to serve as a Lead Plaintiff.

The complaint accuses the Itron and certain of its executive officers of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company improperly recognized revenue on a contract due to an extended warranty obligation such that the Company materially overstated revenue and financial during the Class Period. According to the complaint, after, 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 such that total revenue for the first nine months of 2010 would be reduced by $6.1 million with both GAAP and non-GAAP diluted earnings per share were reduced by $0.11 over this same period, the value of Itron shares declined substantially.

If you have suffered a net loss for all transactions in Itron, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact