Law Offices of Howard G. Smith reminds investors that all purchasers of the securities of Advanced Emissions Solutions, Inc. (“Advanced Emissions Solutions” or the “Company”) (NYSE:ADES) between March 14, 2013 and April 23, 2014, inclusive (the “Class Period”), have until June 30, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
Advanced Emissions Solutions, together with its subsidiaries, provides environmental technologies and specialty chemicals to the coal-burning electric power generation industry primarily in the United States. The Complaint alleges that, throughout the Class Period, defendants misrepresented and/or failed to disclose that:
- The Company had applied the wrong methodology to recognize revenue on its Emissions Control business segment contracts and made material errors in its accruals.
- The Company’s revenue and financial results were overstated.
- The Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
- The Company’s financial statements were materially false and misleading at all relevant times.
On April 24, 2014, Advanced Emissions Solutions filed a current report with the Securities and Exchange Commission on Form 8-K and issued a press release announcing that the Audit Committee of the Company’s Board of Directors had determined that the Company’s quarterly financial statements filed with the SEC for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013, should no longer be relied upon. According to the Form 8-K, the Company should have applied the cost to cost methodology to measure progress in its Emissions Control business segment contracts rather than labor hours, which resulted in errors in the reported revenue for those contracts. The Company also identified errors in its accruals, including accrual for interest expense associated with deferred taxes related to installment gains, and determined that its 2011 and 2012 financial statements will be re-audited.
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