The Shareholders Foundation announced that an investor, who purchased shares of Energy Recovery, Inc. (NASDAQ:ERII), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Energy Recovery, Inc. in connection with certain allegedly false and misleading statements made between March 14, 2012 and January 13, 2015.
Investors who purchased shares of Energy Recovery, Inc. (NASDAQ:ERII) have certain options and for certain investors are short and strict deadlines running. Deadline: March 23, 2015. NASDAQ:ERII investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Energy Recovery, Inc. (NASDAQ:ERII) common shares between March 14, 2012 and January 13, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Energy Recovery, Inc. 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, Inc. (NASDAQ:ERII) announced that effective immediately, it has terminated the employment relationship with its Senior Vice President of Sales, Borja Sanchez-Blanco, for cause. Energy Recovery, Inc said that it recently 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, not in keeping with the Company’s standards for ethics and integrity. Shares of Energy Recovery, Inc. (NASDAQ:ERII) declined to as low as $3.56 per share on October 10, 2014.
On January 13, 2015, Energy Recovery, Inc. announced that Mr. Thomas S. Rooney, Jr. will be resigning as Chief Executive Officer to facilitate a transition during which the Company will identify and appoint a successor to further lead the Company’s efforts in the oil and gas industry while continuing to strengthen its market leading position in desalination. Shares of Energy Recovery, Inc. (NASDAQ:ERII) declined to as low as $3.73 per share on January 14, 2015, respectively $3.26 per share on January 30, 2015.
Those who purchased shares of Energy Recovery, Inc. (NASDAQ:ERII) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com