Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Energy Recovery, Inc.
Oklahoma City, OK (January 22, 2015) – On January 20, 2015, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Energy Recovery, Inc. (NASDAQ: ERII) (the “Company”). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2012 through January 13, 2015. More specifically, this litigation was filed because on September 10, 2014, the Company announced that its Senior Vice President of Sales, Borja Sanchez-Blanco was terminated for cause after becoming aware of his having breached a duty of trust and engaging in misconduct involving his role at the Company over the past several years. On this news, the Company’s shares declined $0.20 per share in intra-day trading on September 11, 2014.
On January 13, 2015, the Company announced that its CEO, Thomas S. Rooney, Jr. would be resigning. Again the Company’s share price declined to a low price of $3.87 per share on January 14, 2015.
Plaintiff seeks to recover damages on behalf of all Energy Recovery, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, March 23, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click hereto obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, January 22, 2015
by Robin Hester filed under