Shuman Law Firm announces that it is investigating potential claims
against certain officers and directors of Advanced Emissions Solutions,
Inc. ("Advanced Emissions" or the "Company") (Nasdaq: ADES).
Advanced Emissions is a Colorado-based company that provides
environmental technologies and specialty chemicals to the coal-burning
electric power generation industry primarily in the United States.
The Firm's investigation relates to the Company's March 13, 2014
announcement that the Company will delay filing its annual report on
Form 10K for 2013. Advanced Emissions said in a press release 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 April, 24, 2014, the Company "announced that it is continuing with
its extensive accounting review and at this time is unable to file its
Annual Report on Form 10-K for the fiscal year ended Dec 31, 2013. The
company has concluded that it has a material weakness related to its
internal controls for recognizing revenue for its systems and equipment
contracts in the Emissions Control business segment and should have
applied the cost to cost methodology to measure progress on the EC
Contracts rather than labor hours. In addition, the company has
identified errors in its accruals, the most significant of which was for
interest expense associated with Internal Revenue Code Section 453A
interest on deferred taxes related to installment gains. The company has
identified significant deficiencies in its controls over financial
reporting that may result in additional material weaknesses." As a
result of these events, multiple class action lawsuits have been filed
against the Company and its senior management.
If you currently own Advanced Emissions common stock and are interested
in discussing your rights, or have information relating to this
investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free
at (866) 974-8626 or email Mr. Shuman at email@example.com
or email Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
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