The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Energy Recovery, Inc. (NASDAQ: ERII) securities between August 2, 2017 and June 29, 2020.
According to the Energy Recovery lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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.
If you suffered a loss in Energy Recovery you have until September 21, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\'t require that you serve as a lead plaintiff.
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