HIGHLANDS RANCH, Colo., Sept. 12, 2013 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") has filed a Form 8-K with the Securities and Exchange Commission disclosing a Non-Prosecution Agreement ("NPA") entered into between the United States Attorney's Office for the Eastern District of Texas ("DOJ") and Company subsidiaries ADA-ES, Inc. and ADA Environmental Solutions, LLC ("ADA"). Pursuant to the NPA, which concluded the investigation, the DOJ has agreed not to assess fines or pursue any criminal, civil, or administrative action against ADA and its current or former employees, agents, officers, and directors with respect to allegations that ADA misappropriated trade secrets with regard to the manufacture of activated carbon. The NPA resulted from a confidential DOJ investigation of events arising out of an attempted acquisition by ADA of Norit in 2006 which led to the civil litigation brought by Norit against ADA in 2008 for alleged misappropriation of trade secrets. The dispute with Norit was settled by ADA in 2011 after extensive litigation and arbitration. The DOJ recently contacted ADA concerning its investigation. ADA fully cooperated with the DOJ and the parties agreed to enter into the NPA to swiftly resolve the investigation.
In the NPA ADA acknowledges that prior to 2009, it inappropriately maintained confidential information that had been provided to it by another company and affirms that it will continue to comply with the settlement agreement with Norit dated August 29, 2011 (which was previously disclosed by ADA in a Form 8-K filed with the SEC on August 30, 2011) and continue with the training programs and compliance checks that ADA proactively implemented two years ago to safeguard confidential information. The execution of the NPA and continued implementation of the steps already taken to address this matter, close out the DOJ investigation.
Commenting on the NPA, the Company's Chairman of the Board, W. Phillip Marcum, stated, "The NPA confirms that the investigation has been successfully concluded, without material adverse impact, and brings to a close the issues arising out of the dispute with our former business partner. The NPA also confirms that the programs we instituted two years ago are appropriate and adequate. We are glad that this matter was quickly concluded and we look forward to the significant opportunities in our Refined Coal and MATS compliance businesses."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV