New York /PRNewswire/ - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Advanced Emissions Solutions, Inc. ("Advanced Emissions" or the "Company") (NASDAQ: ADES) of the June 30, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Advanced Emissions and certain executives.
A complaint has been filed in the District of Colorado on behalf of all persons who purchased Advanced Emissions common stock between March 14, 2013 and March 12, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Advanced Emissions had utilized improper accounting practices, especially in connection to its method for recognizing revenue of its Emission Control business segment contracts; (ii) a reduction of revenues and margins from its Emission Control segment was causing the Company to experience increased operating losses; and (iii) Advanced Emissions would need to restate its financial statements due to the improper accounting practices.
On March 13, 2014, the Company announced in a press release that it was rescheduling its 2013 fourth quarter and year end news release and conference call, and that "the Company is currently reviewing its accounting practices, particularly its methods of recognizing revenue for its Emission Control business segment contracts. The Company 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."
Following this news, the Company's shares declined by $3.33 per share, or over 6%, to close at $50.90 per share on March 13, 2014.
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If you invested in Advanced Emissions stock or options between March 14, 2013 and March 12, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/ADES. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Advanced Emissions' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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