Skip to content

Itron shareholders prompt investigation

Shareholders of a technology company recently encouraged a law office to conduct an investigation of the firm due to a potential violation of securities laws. Depending on this action's outcome, there may be a securities class action lawsuit down the line.

Law office Bronstein, Gewirtz and Grossman, LLC, noted it is investigating Itron, Inc., due to these alleged violations. The company made a regulatory filing on Feb. 12, 2014 that noted it had $173 million in impairment to goodwill. This was due to the company experiencing a number of delays for its global smart grid projects, while it also had pricing issues and a lack of volume in both Asia Pacific and Europe. When this information surfaced, the company saw its shares drop more than 15.5 percent – or $6.08 – to $33.11 per share during after-hours trading.

It is possible for shareholders to speak with the firm to learn more about the investigation, while the law office also urged those with information to contact them. The best people to speak with are Peretz Bronstein and Eitan Kimelman. Both can be reached by email or telephone. Shareholders who send emails should give the firm their mailing address and telephone number.

Second investigation underway
Another law firm noted it will check on allegations made by shareholders to see if the company violated any laws. This also may become a class action claim, depending on what the law firm finds.

The Rosen Law Firm announced it is looking into the claims against Itron, as the company may have given investors information that was notably misleading. This document that outlined the goodwill impairment issue was a Form 8-K, filed with the U.S. Securities and Exchange Commission. The final amount that the company's stock fell once this information came out was close to 16 percent on Feb. 13, 2014.

The law firm noted that it is already compiling a lawsuit against Itron due to the aforementioned information. Any shareholders who acquired stock in the company before Feb. 12, 2014, may be affected and can learn more about the case by visiting the website. It is also an option to speak with the office to learn more about this investigation, as well as how it may affect stockholders. Both Kevin Chan and Phillip Kim are available to speak by phone or email.

Scroll To Top