NEW YORK, Jan. 30, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Energy Recovery, Inc. ("Energy Recovery" or the "Company") (Nasdaq:ERII) between March 14, 2012 and January 13, 2015, inclusive (the "Class Period"). Shareholders with significant losses are encouraged to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
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 $0.15 per share to $4.03, or more than 3.6%, 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 $3.90, or more than 12.75%, in trading on January 14, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Energy Recovery investigation."
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