NEW YORK, May 30, 2014
NEW YORK, May 30, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Advanced Emissions Solutions, Inc. ("Advanced Emissions" or the "Company")(NASDAQ: ADES) and certain of its officers. The class action, filed in United States District Court, District of Colorado, and docketed under 1:14-cv-01243, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Advanced Emissions securities between March 14, 2013 and March 12, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Advanced Emissions securities during the Class Period, you have until June 30, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Advanced Emissions Solutions, Inc., together with its subsidiaries, provides environmental technologies and specialty chemicals to the coal-burning electric power generation industry, primarily in the United States. It 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 failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during 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 ("SEC") 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP