The Shareholders Foundation announces that an investigation for investors, who currently hold OTCMKTS:ADES, formerly NASDAQ:ADES shares is ongoing concerning potential breaches of fiduciary duties by certain Advanced Emissions Solutions officers and directors.
Investors who purchased shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) and currently hold any of those NASDAQ:ADES shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Advanced Emissions Solutions, Inc. (OTCMKTS:ADES, formerly NASDAQ:ADES) concerning whether certain statements regarding Advanced Emissions Solutions’ business, its prospects and its operations were materially false and misleading at the time they were made. More specifically, the investigation concerns whether certain Advanced Emissions Solutions officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) declined from almost $58 per share in November 2013 to as low as $8.68 per share on February 2, 2015.
In March 2014, Advanced Emissions Solutions, Inc. announced that it will reschedule its 2013 fourth quarter and year end news release and conference call. Advanced Emissions Solutions, Inc. said that it is currently reviewing its accounting practices, particularly its methods of recognizing revenue for its Emission Control business segment contracts and that it expects the result of this review will likely result in increased operating losses, primarily driven by a reduction of revenues and margins for its emission control segment with a corresponding increase in backlog for the same period. In April 2014, Advanced Emissions Solutions, Inc announced that it is continuing with its accounting review and at this time is unable to file its Annual Report for the fiscal year ended December 31, 2013.
Then in May 2014 a lawsuit was filed against Advanced Emissions Solutions, Inc over alleged securities laws violations. The plaintiff claims that between March 14, 2013 and March 12, 2014, the defendants made allegedly false and/or misleading statements and/or failed to disclose that Advanced Emissions Solutions Inc was employing improper accounting practices, particularly with respect to its method for recognizing revenue for its Emission Control business segment contracts, that Advanced Emissions Solutions Inc was experiencing increased operating losses, primarily driven by a reduction of revenues and margins for its Emission Control segment with a corresponding increase in backlog, that the improper accounting practices would require Advanced Emissions Solutions Inc to restate its reported financial statements, and that as a result of the above, Advanced Emissions Solutions Inc’s financial statements were materially false and misleading at all relevant times.
On October 22, 2014, Advanced Emissions Solutions, Inc announced that NASDAQ had granted a stay on delisting pending the Company’s hearing process.
On January 29, 2015, Advanced Emissions disclosed that KPMG LLP resigned as the Company’s independent accounting firm. On February 2, 2015, OTCMKTS:ADES shares declined to as low as $8.68 per share.
Those who purchased shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com