NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Energy Recovery Inc. (NASDAQ:ERII) resulting from allegations that Energy Recovery may have issued materially misleading business information to the investing public.
On May 24, 2016, Cannell Capital LLC published a report on SeekingAlpha.com stating that the former Chief Sales Officer of Energy Recovery filed a lawsuit against Energy Recovery alleging, among other things, that he was compelled by Energy Recovery executives to provide “false information to Board members and the public.” Specifically, he was instructed by Energy Recovery’s current CEO, Joel Gay, to overstate Energy Recovery’s likely sales performance to Board members. Additionally, the report stated 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, shares of Energy Recovery fell $1.48 per share or over 13% from its previous closing price to close at $9.66 per share on May 24, 2016.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Energy Recovery investors. If you purchased shares of Energy Recovery on or before May 23, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-902.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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