SAN DIEGO, July 21, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in shares of Advanced Emissions Solutions, Inc. (ADES) over alleged breaches of fiduciary duties by certain officers and directors.
Investors who purchased shares of Advanced Emissions Solutions, Inc. (ADES) in early 2011 or earlier and currently hold any of those ADES shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com 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. Furthermore, 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 that defendants allegedly 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 allegedly were able to continue touting a false picture of growing emission control revenues for Advanced Emissions Solutions, Inc.
Then, 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 are current long-term investors in shares of Advanced Emissions Solutions, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.