SAN FRANCISCO, Jan. 22, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of a March 23, 2015 lead plaintiff deadline in a class action lawsuit filed against Energy Recovery, Inc. (Nasdaq:ERII) ("Energy Recovery" or "the Company"). The suit is pending in U.S. District Court for the Northern District of California, and investors, who purchased Energy Recovery securities between March 14, 2012 and January 13, 2015 (the "Class Period") have until March 23, 2015 to move for lead plaintiff.
If you purchased Energy Recovery securities during the Class Period, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing ERII@hbsslaw.com or visiting http://hb-securities.com/investigations/ERII. No class has been certified in this case. Any member of the Class who purchased shares in the relevant time period may ask the Court to appoint them as lead plaintiff.
Energy Recovery manufactures energy recovery devices for use in desalination plants, as well as in the oil and gas industry. According to the complaint, Energy recovery issued materially false and misleading statements in violation of the securities laws when it failed to disclose deficiencies in its internal controls, rendering its SEC-filed reports false and misleading. On September 11, 2014, the Company announced the termination of its Senior Vice President of Sales, Borja Sanchez-Blanco after Energy Recovery learned that Mr. Blanco had engaged in conduct that created a conflict of interest and breached a duty of trust. The offending conduct occurred over the course of several years. This announcement caused Energy Recovery shares to fall $0.20, more than 4.7%, to $3.98 on September 11, 2014.
The picture further darkened for investors on January 13, 2015 when the Company announced that its CEO Thomas Rooney Jr., will resign. This news caused shares to drop $0.57, more than 12.8%, to a low price of $3.87 per share on January 14, 2015.
If you were negatively impacted by your investment in Energy Recovery securities between March 14, 2012 and January 13, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action.
Whistleblowers: Persons with non-public information regarding Energy Recovery should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email ERII@hbsslaw.com.
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