NEW YORK, July 02, 2020 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating possible violations of federal securities laws on behalf of investors of Energy Recovery, Inc. (“Energy Recovery” or the “Company”) (NASDAQ: ERII).
Energy Recovery Inc., headquartered in California, manufactures energy recovery devices for oil and gas, chemical and water industries.
On June 29, 2020, Energy Recovery announced the termination of its 15-year contract with Schlumberger for the exclusive use of Energy Recovery’s VorTeq hydraulic pumping system. The Company’s CEO stated that they and Schlumberger had “different strategic perspectives as to the path to VorTeq commercialization.” Without the agreement in place, the Company will be wholly responsible for the commercialization of the VorTeq technology.
The announcement caused a number of analysts to downgrade the Company. One analyst reasoned that Energy Recovery lacked the technology key to advancing VorTeq’s commercialization while another analyst pointed to the lack of non-disclosure, stating “[Energy Recovery] should have been able to perceive in advance and then explicitly warn about the significant, and likely rising, odds of this outcome.”
On this news, shares of Energy Recovery fell from $8.91 to $7.59 on June 30, 2020 and fell again to $7.01 on July 1, 2020 a loss of 21.3%.
If you are a shareholder of Energy Recovery who suffered a loss, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at investigations@lowey.com.
Whistleblowers: Persons with non-public information regarding Energy Recovery should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
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Tel: (914) 733-7256
Email: investigations@lowey.com