NEW YORK, Jan. 26, 2015 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Northern District of California on behalf of those who purchased shares of Energy Recovery, Inc. ("Energy Recovery" or the "Company") (NasdaqGS:ERII), during the period between March 14, 2012 and January 13, 2015 inclusive. (the "Class Period").
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.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Energy Recovery during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Energy Recovery you have until March 23, 2015 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
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