Tamie, I believe what you have is no doubt a photo of a company. (I reiterate: I am not an expert on these matters.) The number of men would be about right for a company, and "E" would be a company designation in an infantry outfit. (The crossed rifles are the infantry branch insignia.) Unfortunately, without more info, you can't be certain which E Company it is.
Each WWII infantry regiment (such as the 121st Infantry) had an E Company. Each regiment had a first battalion, consisting of companies A-D; a second battalion, consisting of companies E-H; and a third battalion consisting of companies I, K, L and M (no J companies).
The flag probably has another number, above the crossed rifles (apparently not visible in the photo) which would be the regiment number.(See this web page for an example: http://tmg110.tripod.com/usarmyg1.htmhttp://tmg110.tripod.com/usarmyg1.htm ) If you could see the other number, you would know if it was E Company of the 121st Infantry, or some other regiment.
I would be inclined to think there might very well be other people/institutions who would be interested in the photo, but until you can identify the unit, a further search would seem futile.