SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of federal securities laws by Advanced Emissions Solutions, Inc. (NASDAQ: ADES) and certain of its officers. Advanced Emission provides environmental technologies and specialty chemicals to the coal-burning electric power generation industry.
Specifically, Johnson & Weaver’s investigation seeks to determine whether shareholders were misled by certain statements the Company made regarding its financial reporting, business outlook and prospects.
On April, 24, 2014, the Company revealed that it would not be able to file its Annual Report with the Securities and Exchange Commission (“SEC”) for the fiscal year ended Dec 31, 2013. This news came after a March 13, 2014 announcement that the SEC was reviewing the Company’s accounting practices, including its methods of recognizing revenue. In the latest news release the Company “concluded that it has a material weakness related to its internal controls for recognizing revenue for its systems and equipment contracts in the Emissions Control business segment ("EC Contracts") and should have applied the cost to cost methodology to measure progress on the EC Contracts rather than labor hours.” Additionally, the Company revealed errors in its accruals for interest expense associated with deferred taxes related to installment gains.
Since March 13, 2014 Advanced Emissions stock has fell more than 15% to close on April 24, 2014 at $22.94.
If you are an Advanced Emissions shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471. If you email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California and New York. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
