Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Energy Recovery's Chief Sales Officer/Senior Vice President of Sales had breached a duty of trust and engaged in conduct which created a conflict of interest for the Company. On September 11, 2014, the Company announced that, effective immediately, it had terminated the employment relationship with its Senior Vice President of Sales, Borja Sanchez-Blanco, for cause, after the Company became aware that he had breached a duty of trust and engaged in conduct which created a conflict of interest with the Company over the course of several years. On this news, shares of Energy Recovery fell $0.20 per share to $3.98, or by more than 4.78%, in intra-day trading on September 11, 2014. On January 13, 2015, the Company announced that Thomas S. Rooney, Jr. would be resigning as its Chief Executive Officer. On this news, shares of Energy Recovery fell $0.57 per share to $3.87, or by more than 12.84%, in intra-day trading on January 14, 2015. Filed in N.D. Cal.
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