NEW YORK, Jan. 21, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Energy Recovery, Inc. ("Energy Recovery" or the "Company") (Nasdaq:ERII) and certain of its officers. The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of all persons or entities who purchased Energy Recovery securities between March 14, 2012 and January 13, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Energy Recovery securities during the Class Period, you have until March 23, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Energy Recovery, Inc. designs, develops, and manufactures energy recovery devices (ERDs) that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose deficiencies in its internal controls. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that its Chief Sales Officer/Senior Vice President of Sales had breached a duty of trust and engaged in conduct which created a conflict of interest with the Company.
On September 11, 2014, the Company announced that effective immediately, it terminated the employment relationship with its Senior Vice President of Sales, Borja Sanchez-Blanco, for cause, after the Company became aware that Mr. Blanco had breached a duty of trust and engaged in conduct which created a conflict of interest with the Company over the course of several years. On this news, shares of Energy Recovery fell $0.20 per share to $3.98, or more than 4.78%, in intraday trading on September 11, 2014.
On January 13, 2015, the Company announced that Thomas S. Rooney, Jr. will be resigning as Chief Executive Officer.
On this news, shares of Energy Recovery fell $0.57 per share to $3.87, or more than 12.84%, in intraday trading on January 14, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.