NEW YORK, Jan. 20, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that it has filed a class action lawsuit on behalf of purchasers of Energy Recovery, Inc. (Nasdaq:ERII) securities between March 14, 2012 through January 13, 2015. The lawsuit seeks to recover damages for Energy Recovery investors under the federal securities laws.
To join the Energy Recovery class action, go to the website at http://www.rosenlegal.com/cases-476.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Northern District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Energy Recovery issued materially false and misleading statements to investors by failing to disclose significant internal control deficiencies that rendered the Company's periodic reports filed with the SEC false and misleading. On September 10, 2014, Energy Recovery announced that it terminated its Senior Vice President of Sales, Borja Sanchez-Blanco, for cause after becoming aware of him having breached a duty of trust and engaging in misconduct involving his role at the Company over the course of several years. On January 13, 2015, Energy Recovery announced the resignation of its CEO, Thomas S. Rooney, Jr. The suit claims that these adverse disclosures caused the price of the Company's stock to drop, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 23, 2015. If you wish to join the litigation go to http://www.rosenlegal.com/cases-476.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.