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Itron Inc (NASDAQ: ITRI) Investor Securities Class Action Lawsuit 02/23/2011

  • If you purchased shares of Itron Inc (NASDAQ: ITRI), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Itron, Inc.
Security
NASDAQ: ITRI

Case Name
Itron Shareholder Class Action Lawsuit 02/23/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Washington

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 11, 2012 - The court granted defendants' motion to dismiss and closed the case.
August 22, 2011 - The lead plaintiff filed an amended consolidated complaint.

June 23, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 25, 2011 - Lead plaintiff motions were filed.

February 23, 2011 - An investor in shares of Itron Inc (NASDAQ: ITRI) filed a lawsuit in the U.S. District Court for the Eastern District of Washington against Itron Inc over alleged violations of Federal Securities Laws concerning certain statements.

According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased the securities of Itron Inc (NASDAQ: ITRI) between April 28, 2010 and February 16, 2011 that Itron Inc and certain of its executive officers violated the Securities Exchange Act of 1933 by, among other thing, issuing between April 28, 2010 and February 16, 2011 false and misleading financial statements.
Itron Inc’s 12months Total Revenue increased from $644.04million in 2006 to $1,687.45million in 2009. Its Net Income, however, decreased from $33.76million in 2006 to a Net Loss of $2.25million in 2009. For the first three quarters in 2010 Itron Inc reported a combined nine months Total Revenue that almost exceeds its 12months Total Revenue of 2009. Itron Inc reported a combined nine months Total Revenue of $1,644.71million with a combined nine months Net Income of $82.80million.

Shares of Itron Inc (NASDAQ: ITRI) traded as high as $72.24 per share during 2006 and increased in 2007 to as high as $106.08 per share. During 2008 ITRI shares fell from as high as $105.03 in August to $37.96 per share in November 08. Itron shares were able to reach almost $80 in April 2010, but then decreased to $55.45 until the end of the year 2010. Shares of Itron regained value in January and beginning of February 2011. On February 16, 2011 ITRI shares traded at $63.62 per share. But then Itron Inc announced on February 16, 2011, among other things that it has restated its financial results for the first three quarters ending March 31, June 30, and September 30, 2010, respectively. According to Itron Inc's press release, the restatement was made primarily to defer revenue that had been incorrectly recognized on one contract due to a misinterpretation of an extended warranty obligation.
After the announcement ITRI shares dropped to as low as $55.29 during Thursdays trading and closed on Friday at $57.71 per share.