ERII Investor Update: Bronstein, Gewirtz & Grossman, LLC Notifies Energy Recovery, Inc. Investors of Investigation and Encourages Investors to Contact the Firm
NEW YORK, July 6, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Energy Recovery, Inc. ("Energy Recovery" or "the Company") (NASDAQ: ERII). Investors who purchased Energy Recovery securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/erii.
The investigation concerns whether Energy Recovery and certain of its officers and/or directors have violated federal securities laws.
On June 29, 2020, Energy Recovery announced that it had entered into an agreement to "exit its 15-year licensing deal for Schlumberger's exclusive use of Energy Recovery's VorTeq hydraulic pumping system," that "no further payments will be made by either party," and that "Energy Recovery will now be fully responsible for commercialization of the VorTeq technology globally." Robert Mao, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer, cited "different strategic perspectives as to the path to VorTeq commercialization" as the rationale behind the decision. Then, on June 30, 2020, in response to the Company's announcement the day before, an analyst at B. Riley FBR downgraded Energy Recovery from Buy to Neutral, stating that the Company had lost the technology that is key to its ongoing effort to advance VorTeq to commercialization, and stating that Energy Transfer "should have been able to perceive in advance and then explicitly warn about the significant, and likely rising, odds of this outcome." Following the Company's announcement and subsequent downgrade, its stock price fell $1.31 per share, or 14.7%, to close at $7.60 per share on June 30, 2020.
If you are aware of any facts relating to this investigation, or purchased Energy Recovery shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/erii. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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