Press release
Lawsuit was filed for Investors in shares of Energy Recovery, Inc. (NASDAQ: ERII)
A lawsuit was filed on behalf of investors in Energy Recovery, Inc. (NASDAQ: ERII) shares over alleged securities laws violations.
Investors who purchased shares of Energy Recovery, Inc. (NASDAQ: ERII) have certain options and for certain investors are short and strict deadlines running. Deadline: September 21, 2020. NASDAQ: ERII investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On June 29, 2020, Energy Recovery, Inc. 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.
Shares of Energy Recovery, Inc. (NASDAQ: ERII) declined from $9.17 per share on June 8, 2020 to as low as $6.69 per share on July 9, 2020.
The plaintiff claims that between August 2, 2017 and June 29, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the Company and Schlumberger Technology Corp. had different strategic perspectives regarding commercialization of VorTeq, that which created substantial risk of early termination of the Company’s exclusive licensing agreement with Schlumberger, that accordingly, the guidance and expectations of future license revenue was false and lacked reasonable basis, and that 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.
Those who purchased shares of Energy Recovery, Inc. (NASDAQ: ERII) have certain options and should contact the Shareholders Foundation.
About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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