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Levi & Korsinsky Notifies Investors with Losses in Itron, Inc. of the April 25, 2011 Lead Plaintiff Deadline – ITRI

03-10-2011 01:12 PM CET | Politics, Law & Society

Press release from: Levi & Korsinsky, LLP

Levi & Korsinsky 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 (the "Class Period").

New York, NY, March 10, 2011 -- Levi & Korsinsky 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 (the "Class Period").

The complaint alleges that Itron and certain of its executive officers violated federal securities laws by failing to disclose that (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 GAAP; (iv) Itron lacked adequate internal and financial controls; and (v), as a result, the Company's financial statements were materially misleading.

On February 16, 2011, Itron announced it was restating its financial results to correct improperly recognized revenue on a contract due to an extended warranty obligation. The 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. The next day, Itron shares fell $6.33, to close at $57.29.

If you are a member of the class, you have until April 25, 2011 to request that the Court appoint you as lead plaintiff for the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff.

If you have suffered a loss in Itron stock, you may obtain additional information about this lawsuit by contacting Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or by visiting http://www.zlk.com/itron-itri.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

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