The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Energy Recovery, Inc. (ERII)
September 18, 2020 at 11:00 AM EDT
The Law Offices of Frank R. Cruz reminds investors of the upcoming September 21, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Energy Recovery, Inc. ("Energy Recovery" or the "Company") (NASDAQ: ERII) securities between August 2, 2017 and June 29, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On June 29, 2020, Energy Recovery announced the termination of its 15-year contract with Schlumberger Technology Corp. (“Schlumberger”) for the exclusive use of Energy Recovery’s VorTeq hydraulic pumping system, citing “different strategic perspectives as to the path to VorTeq commercialization.” Without the agreement in place, the Company will be wholly responsible for the commercialization of the VorTeq technology.
On this news, the Company’s share price fell $1.31 or over 14%, to close at $7.60 per share on June 30, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company and Schlumberger had different strategic perspectives regarding commercialization of VorTeq; (2) that these differences created substantial risk of early termination of the Company’s exclusive licensing agreement with Schlumberger; (3) accordingly, the revenue 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.
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If you purchased or otherwise acquired Energy Recvoery securities during the Class Period, you may move the Court no later than September 21, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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