NEW YORK, May 19, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all purchasers of the securities of Advanced Emissions Solutions, Inc., ("Advanced Emissions Solutions" or the "Company") (Nasdaq:ADES) within the class period of March 14, 2013 through March 12, 2014.
The filed action alleges that the defendants misrepresented and/or failed to disclose that: (1) the Company was employing improper accounting practices, specifically with respect to its methods recognizing revenue from its Emission Control business segment contracts; (2) the Company was experiencing increased operating losses, which was primarily driven by a reduction of revenues and margins for its Emission Control segment with a correlated increase in backlog; (3) the Company's improper accounting practices would render its reported financial statements unreliable and require a restatement of such financial statements; and (4) the Company's financial statements were materially false and misleading at all relevant times.
On March 13, 2014, Advanced Emissions Solutions announced that it would postpone its 2013 fourth quarter and year-end financial results, news release and conference. The announcement further stated that the Company's ongoing review of its accounting practices, particularly with respect to recognizing revenue for its Emission Control business segment contracts, "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."
If you purchased Advanced Emissions Solutions shares during the Class Period you may, no later than June 30, 2014, request that the Court appoint you lead plaintiff. If you are a shareholder of Advanced Emissions Solutions, who suffered a material loss on your shares and would like additional information concerning your rights in this matter, please contact us immediately:
Benjamin Y. Kaufman, Esquire
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
Wolf Haldenstein Adler Freeman & Herz LLP did not file the original complaint against Advanced Emissions Solutions, Inc.
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Source:Wolf Haldenstein Adler Freeman & Herz LLP