Energy Recovery Inc (NASDAQ: ERII) Investor Securities Class Action Lawsuit 01/20/2015

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Company Name(s): 
Energy Recovery
Case Name: 
Energy Recovery Shareholder Class Action Lawsuit 01/20/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: ERII
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/20/2015
Class Period Begin: 
03/07/2013
Class Period End: 
03/05/2015
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/23/2015
Date Settled: 
04/11/2017
Settlement Amount: 
$3,850,000
Deadline to Participate in Settlement: 
08/04/2017
Summary: 

April 11, 2017 - The court preliminarily approved the settlement.

April 3, 2017 - Parties filed a stipulation of settlement.

June 13, 2016 - Defendants filed a motion to dismiss.

May 26, 2016 - The lead plaintiff filed a second amended consolidated complaint on behalf of investors who purchased Energy Recovery Inc (NASDAQ: ERII) common shares between March 7, 2013 and March 5, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 7, 2013 and March 5, 2015.

July 31, 2015 - Defendants filed a motion to dismiss.

June 11, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Energy Recovery Inc (NASDAQ: ERII) common shares between May 8, 2014 and March 5, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 8, 2014 and March 5, 2015.

May 5, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

March 23, 2015 - Lead plaintiff motions were filed.

January 20, 2015 - An investor in shares of Energy Recovery Inc (NASDAQ: ERII) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Energy Recovery Inc in connection with certain allegedly false and misleading statements made between March 14, 2012 and January 13, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Energy Recovery Inc (NASDAQ: ERII) common shares between March 14, 2012 and January 13, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Energy Recovery Inc issued materially false and misleading statements to investors by failing to disclose significant internal control deficiencies that rendered the Energy Recovery Inc's periodic reports filed with the SEC false and misleading.

Energy Recovery Inc reported that its annual Total Revenue rose from $28.05 million in 2011 to $43.05 million in 2013 and that its respective Net Loss declined from $26.44 million to $3.11 million.

On September 10, 2014, Energy Recovery Inc (NASDAQ: ERII) announced that effective immediately, it has terminated the employment relationship with its Senior Vice President of Sales, Borja Sanchez-Blanco, for cause. Energy Recovery Inc said that it recently became aware that Mr. Blanco had breached a duty of trust and engaged in conduct which created a conflict of interest with Energy Recovery Inc over the course of several years, not in keeping with Energy Recovery Inc's standards for ethics and integrity. Shares of Energy Recovery Inc (NASDAQ: ERII) declined to as low as $3.56 per share on October 10, 2014.

On January 13, 2015, Energy Recovery Inc announced that Mr. Thomas S. Rooney, Jr. will be resigning as Chief Executive Officer to facilitate a transition during which Energy Recovery Inc will identify and appoint a successor to further lead Energy Recovery Inc’s efforts in the oil and gas industry while continuing to strengthen its market leading position in desalination. Shares of Energy Recovery Inc (NASDAQ: ERII) declined to as low as $3.73 per share on January 14, 2015, respectively $2.54 per share on January 22, 2015.