NEW YORK, Aug. 03, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors Energy Recovery, Inc. (“Energy Recovery” or the “Company”) (NASDAQ: ERII). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Energy Recovery and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 29, 2020, Energy Recovery issued a press release announcing the termination of its licensing agreement with Schlumberger Technology Corp., citing “different strategic perspectives” with respect to the commercialization of Energy Recovery’s VorTeq hydraulic pumping technology. The Company further announced that following the termination, “no further payments will be made by either party” and that “Energy Recovery will now be fully responsible for commercialization of the VorTeq technology globally.”
On this news, Energy Recovery’s stock price fell $1.31 per share, or 14.7%, to close at $7.60 on June 30, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
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