On or around 10/07/2020 (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.
On October 7, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: Energy Recovery, Inc.
Industry: Oil Well Services & Equipment
Headquarters: United States
Ticker Symbol: ERII
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Frank Visser, et al. v. Energy Recovery, Inc., et al.
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:
Lowey Dannenberg, P.C.
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
U.S. District Court Civil Docket
Order Granting Plymouth County Retirement Association's Motion for Appointment as Lead Plaintiff and Approval of Selection of Lead Counsel
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available