NEW YORK, Aug. 4, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Energy Recovery, Inc. («Energy Recovery» or the «Company») (NASDAQ: ERII). A complaint has been filed on behalf of investors that purchased Energy Recovery shares between August 2, 2017 and June 20, 2020, inclusive (the «Class Period»).
According to the complaint, on October 19, 2015, Energy Recovery announced that it had signed a fifteen-year deal with Schlumberger Technology Corp. («Schlumberger»), which gave Schlumberger the exclusive right to the use of the Company’s VorTeq hydraulic pumping technology (the «Schlumberger Licensing Agreement»).
On June 29, 2020 – less than five years into the Schlumberger Licensing Agreement – Energy Recovery issued a press release announcing the termination of its licensing agreement with Schlumberger, citing «different strategic perspectives» with respect to the commercialization of Energy Recovery’s VorTeq hydraulic pumping technology. The Company also announced that following the termination, «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.»
Following this news, Energy Recovery’s stock price fell $1.315 per share, about 14.76%, to close at $7.595 per share on June 30, 2020.
If you are a member of the proposed Class, you may move the court no later than September 21, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP
