BENSALEM, Pa., Aug. 28, 2020 /PRNewswire/ -- Law Offices of Howard G. Smith 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").
Investors suffering losses on their Energy Recovery investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased or otherwise acquired Energy Recovery securities, you may move the Court no later than September 21, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Law Offices of Howard G. Smith