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Case Status:    ONGOING    
On or around 07/22/2020 (Date of last review)

Filing Date: July 21, 2020

According to the Complaint, Energy Recovery, Inc. develops and manufactures energy recovery devices for oil and gas, chemical and water industries. Its leading technology is the VorTeq hydraulic pump system. In 2015, Energy Recovery entered into a 15-year licensing agreement with Schlumberger Technology Corp. (“Schlumberger”) for the exclusive use of VorTeq. Under the terms of the licensing agreement, Schlumberger paid $75 million exclusivity fee and was to pay an additional $50 million milestone payments in 2016.

The Complaint alleges that Energy Recovery made false and misleading statements to the public throughout the Class Period and failed to disclose that: (i) the Company and Schlumberger had different strategic perspectives regarding commercialization of VorTeq (ii) which created substantial risk of early termination of the Company’s exclusive licensing agreement with Schlumberger; (iii) accordingly, the revenue guidance and expectations of future license revenue was false and lacked reasonable basis; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ERII
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-05647
JUDGE: Hon. Victor Marrero
DATE FILED: 07/21/2020
CLASS PERIOD START: 08/02/2017
CLASS PERIOD END: 06/29/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey Dannenberg, P.C.
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available