We are investigating Energy Recovery, Inc. (ERII) (“Energy Recovery” or the “Company”) for potential violations of the federal securities laws.
On June 29, 2020, Energy Recovery issued a press release announcing the termination of its licensing agreement with Schlumberger Technology Corp., citing “different strategic perspectives” with respect to the commercialization of Energy Recovery’s VorTeq hydraulic pumping technology. The Company further 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.” On this news, Energy Recovery’s stock price fell $1.31 per share, or 14.7%, to close at $7.60 on June 30, 2020.