Case Page

 

Case Status:    DISMISSED    
On or around 09/11/2012 (Other)

Filing Date: February 23, 2011

According to the complaint filed February 23, 2011, on February 16, 2011, Itron announced that it was restating its financial results for the quarters that had ended on March 31, June 30, and September 30, 2010. According to the Company, Itron had made these revisions because the Company had improperly recognized revenue on a contract due to an extended warranty obligation. Further, the Company’s restatement of its financial results reduced total revenue for the first nine months of 2010 by $6.1 million and both Generally Accepted Accounting Principles (“GAAP”) and non-GAAP diluted EPS were reduced by 11 cents over this same time period.

On this news, shares of Itron declined $6.33 per share, 9.95%, to close on February 17, 2011, at $57.29 per share, on unusually heavy volume. Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company improperly recognized revenue on a contract due to an extended warranty obligation; (2) that, as a result, the Company’s revenue and financial results were overstated during the Class Period; (3) that the Company’s financial results were not prepared in accordance with GAAP; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

On June 23, 2011, the Court issued an order appointing Royal Oak Retirement System as lead plaintiff and approving Robbins Geller Rudman & Dowd LLP as lead counsel. Hagens Berman Sobol Shapiro LLP was appointed as liaison counsel.

On August 22, 2011, the Lead Plaintiffs filed an Amended Complaint for violations of Section s 10(b) and 20(a) of the Exchange Act.

On September 11, 2012, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ITRI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Washington
DOCKET #: 11-CV-00077
JUDGE: Hon. Rosanna Malouf Peterson
DATE FILED: 02/23/2011
CLASS PERIOD START: 04/28/2010
CLASS PERIOD END: 02/16/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Hagens Berman, LLP (Seattle New/Alternate)
    1918 8th Ave., Suite 3300, Hagens Berman, LLP (Seattle New/Alternate), WA 98101
    (206) 623-7292 (206) 623-0594 ·
  3. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  4. Robbins Geller Rudman & Dowd LLP (Manhattan)
    52 Duane Street, 7th Floor, Robbins Geller Rudman & Dowd LLP (Manhattan), NY 10007
    212.693.1058 212.693.7423 ·
No Document Title Filing Date
COURT: E.D. Washington
DOCKET #: 11-CV-00077
JUDGE: Hon. Rosanna Malouf Peterson
DATE FILED: 08/22/2011
CLASS PERIOD START: 04/28/2010
CLASS PERIOD END: 02/16/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (New Seattle)
    1918 Eighth Ave. Suite 3300, Hagens Berman Sobol Shapiro LLP (New Seattle), WA 98101
    206.623.7292 206.623.0594 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date