SOURCE: Izard Nobel LLP

February 28, 2011 18:24 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Itron, Inc.

WEST HARTFORD, CT--(Marketwire - February 28, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between April 28, 2010 and February 16, 2011, inclusive (the "Class Period"). 

The Complaint charges Itron and certain of its officers and directors violated federal securities laws by making false statements and failing to disclose the following: (i) Itron improperly recognized revenue on a contract due to an extended warranty obligation; (ii) the Company's revenue and financial results were overstated during the Class Period; (iii) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); (iv) Itron lacked adequate internal and financial controls; and (v), 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 are a member of the class, you may, no later than April 25, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/itron/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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