NEW YORK, Jan. 14, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of 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. 237.
The investigation concerns whether Energy Recovery and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, 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 70 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
SOURCE Pomerantz LLP