The Gross Law Firm Announces Class Actions on Behalf of Shareholders of ERII, UCO and PLAN

The Gross Law Firm Announces Class Actions on Behalf of Shareholders of ERII, UCO and PLAN

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September 14, 2020 (ACCESSWIRE via COMTEX) —
NEW YORK, NY / ACCESSWIRE / September 14, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Energy Recovery, Inc. (NASDAQ: ERII)

Investors Affected : August 2, 2017 – June 29, 2020

A class action has commenced on behalf of certain shareholders in Energy Recovery, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) the Company had different strategic perspectives regarding commercialization of the Company’s VorTeq technology than Schlumberger Technology Corp., which had exclusive rights to the use of VorTeq (ii) these differences 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.

Shareholders may find more information at https://securitiesclasslaw.com/securities/energy-recovery-inc-loss-submission-form/?id=9230&from=1

Proshares Ultra Bloomberg Crude Oil (NYSE: UCO)

Investors Affected : March 6, 2020 – April 27, 2020

A class action has commenced on behalf of certain shareholders in Proshares Ultra Bloomberg Crude Oil. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) decreased demand for oil due to the coronavirus pandemic and increased oil supply and diminished oil prices caused by the Russia/Saudi oil price war had caused extraordinary market volatility; (2) a massive influx of investor capital into the Fund, totaling hundreds of millions of dollars, in a matter of days had increased Fund inefficiencies, heightened illiquidity in the West Texas Intermediate (“WTI”) futures contract markets in which the Fund invested, and caused the Fund to approach positional and regulatory limits (adverse trends exacerbated by the Offering itself); (3) there was a sharp divergence between spot and future prices in the WTI oil markets, leading to a super contango market dynamic as oil storage space in Cushing, Oklahoma dwindled and was insufficient to account for the excess supply expected to be delivered pursuant to the WTI May 2020 futures contract. As a result, UCO could not continue to pursue the passive investment strategy represented in the Registration Statement, causing its results to significantly deviate from its purported benchmark.

Shareholders may find more information at https://securitiesclasslaw.com/securities/proshares-ultra-bloomberg-crude-oil-loss-submission-form/?id=9230&from=1

Anaplan Inc. (NYSE: PLAN)

Investors Affected : November 21, 2019 – February 26, 2020

A class action has commenced on behalf of certain shareholders in Anaplan Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company was undergoing sales organization and execution challenges; (2) these organizational challenges were causing the Company to miss on closing very important large deals; and (3) as a result, Anaplan’s financial guidance for “calculated billings growth” was baseless and unattainable. Further, while in possession of this material non-public information, Anaplan insiders dumped approximately $30 million worth of Anaplan stock at artificially inflated prices.

Shareholders may find more information at https://securitiesclasslaw.com/securities/anaplan-inc-loss-submission-form/?id=9230&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email: [email protected]: (212) 537-9430Fax: (833) 862-7770

SOURCE: The Gross Law Firm

View source version on accesswire.com: https://www.accesswire.com/605967/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-ERII-UCO-and-PLAN

COMTEX_371255222/2457/2020-09-14T06:20:19

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Copyright 2020 ACCESSWIRE

The MarketWatch News Department was not involved in the creation of this content.

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