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Oklahoma City, OK (July 23, 2020) – On July 21, 2020, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Energy Recovery, Inc. (NASDAQ: ERII). 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 August 2, 2017 through June 29, 2020. More specifically, according to the complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company and Schlumberger Technology Corp. (“Schlumberger”) had different strategic perspectives regarding commercialization of VorTeq; (2) which created substantial risk of early termination of the Company’s exclusive licensing agreement with Schlumberger; (3) accordingly, the guidance and expectations of future license revenue was false and lacked reasonable basis; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts. When the true details entered the market, the lawsuit claims that investors suffered damages.
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, September 21, 2020 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.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org