GlobeNewswire Inc | Aug 7, 2020 12:30PM EDT

August 07, 2020

LOS ANGELES, Aug. 07, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingSeptember 21, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of Energy Recovery, Inc. ("Energy Recovery or the "Company") (NASDAQ: ERII) securities between August 2, 2017 and June 29, 2020, inclusive (the Class Period).

If you suffered a loss on your Energy Recovery investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/energy-recovery-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On June 29, 2020, Energy Recovery announced the termination of its 15-year contract with Schlumberger Technology Corp. (Schlumberger) for the exclusive use of Energy Recoverys VorTeq hydraulic pumping system, citing different strategic perspectives as to the path to VorTeq commercialization. Without the agreement in place, the Company will be wholly responsible for the commercialization of the VorTeq technology.

On this news, the Companys share price fell $1.31 or over 14%, to close at $7.60 per share on June 30, 2020, thereby injuring investors.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company and Schlumberger had different strategic perspectives regarding commercialization of VorTeq; (2) that these differences created substantial risk of early termination of the Companys exclusive licensing agreement with Schlumberger; (3) accordingly, the revenue guidance and expectations of future license revenue was false and lacked reasonable basis; and (4) as a result, Defendants public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Energy Recovery securities during the Class Period, you may move the Court no later thanSeptember 21, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish tolearn moreabout this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts Glancy Prongay & Murray LLP, Los Angeles Charles Linehan, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com