The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Energy Recovery, Inc. (NASDAQ: ERII) who purchased shares between August 2, 2017 and June 29, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Energy Recovery lawsuit alleges that (i) the Company had different strategic perspectives regarding commercialization of the Company’s VorTeq technology than Schlumberger Technology Corp., which had exclusive rights to the use of VorTeq (ii) these differences created substantial risk of early termination of the Company’s exclusive licensing agreement with Schlumberger; (iii) accordingly, the revenue guidance and expectations of future license revenue was false and lacked reasonable basis; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.
Shareholders have until September 21, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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