Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Advanced Emissions Solutions, Inc.
May 2, 2014
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of purchasers (the “Class”) of securities of Advanced Emissions Solutions, Inc. (“Advanced Emissions” or the “Company”) (NASDAQ: ADES) during the period of March 14, 2013 and March 12, 2014 (the “Class Period”).
Advanced Emissions, together with its subsidiaries, provides environmental technologies and specialty chemicals to the coal-burning electric power generation industry, primarily in the United States. The Company operates through three segments: Refined Coal, Emission Control, and CO2 Capture.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was employing improper accounting practices, particularly with respect to its method for recognizing revenue for its Emission Control business segment contracts; (ii) the Company 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; (iii) the improper accounting practices would require the Company to restate its reported financial statements, and (iv) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On March 13, 2014, the Company announced in a Securities and Exchange Commission Form 8-K filing 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.”
On this news, shares of Advanced Emissions fell from $54.23 to $50.90 on March 13, 2014, on unusually heavy trading volume.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Advanced Emissions securities during the Class Period. If you invested in Advanced Emissions securities as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 30, 2014.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Advanced Emissions shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last twelve years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Colorado.