NEW YORK, May 8, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court, District of Colorado, on behalf of all purchasers or acquirers of Advanced Emissions Solutions ("Advanced Emissions" or the "Company") (Nasdaq:ADES) securities between March 14, 2013 and March 12, 2014, inclusive (the "Class Period") alleging violations of the Securities Exchange Act of 1934.
If you purchased Advanced Emissions during the Class Period, you may, no later than June 30, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Advanced Emissions class action, please contact Morgan & Morgan at 1 800 732-5200 or info@morgansecuritieslaw.com.
The Complaint alleges that 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."
Following this news, on March 13, 2014 shares of Advanced Emissions fell from $54.23 to $50.90, split-adjusted from $27.11 to $25.45.
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