WAYNE, Pa., Jan. 23, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in 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").
Energy Recovery shareholders may, no later than March 23, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Energy Recovery and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/erii.
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 $0.20 per share to $3.98, or more than 4.78%, 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 $3.87, or more than 12.84%, in intraday trading on January 14, 2015.
If you are a member of the class, you may, no later than March 23, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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