San Diego, CA -- (SBWIRE) -- 07/29/2014 -- A current long-term investor in shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) filed a lawsuit against directors of Advanced Emissions Solutions over alleged breaches of fiduciary duties.
Investors who purchased shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) in early 2011 or earlier and currently hold any of those NASDAQ:ADES shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants used accounting tricks to conceal declining revenues and caused the company’s stock price to drop 20% when the truth was revealed.
The plaintiff claims that over the last several quarters, Advanced Emissions Solutions, Inc began struggling with increased operating losses due to a reduction of revenues and margins in its emission control segment and Defendants concealed this negative trend by employing improper accounting practices in recognizing revenue for its emission control business segment contracts.
The plaintiff says that in doing so, defendants were able to continue touting a false picture of growing emission control revenues for Advanced Emissions Solutions, Inc.
On March 13, 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.
On April 24, 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.
The plaintiff alleges that the revelations concerning Advanced Emissions Solutions’ alleged improper accounting exposed its true business health and caused its market capitalization to plunge almost 20%, erasing more than $105 million in value.
Those who purchased shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego