Law Offices of Howard G. Smith announces an investigation on behalf of investors of Energy Recovery, Inc. (“Energy Recovery” or the “Company”) (NASDAQ: ERII) concerning the Company and its officers’ possible violations of federal securities laws.
On May 24, 2016, Cannell Capital LLC published a report (the “Report”) characterizing Energy Recovery’s market value as “excessive” further stating that “the Company has a rich history of over-promising and under-delivering.” The Report also detailed 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 viability of its Vorteq product, and companies for which it was a qualified vendor.
On this news, Energy Recovery shares fell $1.48 per share, or nearly 14%, to close at $9.66 on May 24, 2016.
If you purchased Energy Recovery securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by e-mail to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160526005293/en/
Contacts:
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
