NEW YORK, May 24, 2016 /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 firstname.lastname@example.org or 888-476-6529, ext. 9980.
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 May 24, 2016, pre-market, Cannell Capital LLC published a report (the "Cannell Capital Report") characterizing Energy Recovery's valuation as "excessive" and stating that "the Company has a rich history of over-promising and under-delivering." The Cannell Capital Report also described the details of a January 2016 lawsuit filed by the Company's former Chief Sales Officer alleging that certain Energy Recovery executives had compelled him to provide "false information to Board members and the public" and that Energy Recovery had made a number of misrepresentations with respect to the sales pipeline for its products, the commercial viability of its Vorteq product, and companies for which it was a qualified vendor.
On this news, Energy Recovery stock fell $1.48, or 13.29%, to close at $9.66 on May 24, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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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SOURCE Pomerantz LLP