Advanced Emissions Solutions Top Executives Under Investigation
Shareholder and consumer rights law firm Schubert Jonckheer & Kolbe LLP today launched an investigation into whether certain officers and directors of Advanced Emissions Solutions, Inc. (NASDAQ: ADES) breached their fiduciary duties to the company and its shareholders by exposing it to civil liability for violation of federal securities laws.
Since April 2014, ADES has made a series of disclosures concerning material weaknesses in its financial reporting. On January 29, 2015 the company made several shocking disclosures including that that (1) the company’s auditor, KPMG, resigned from its engagement to “re-audit” prior statements; (2) KPMG resigned from preparing the 2014 financial statements because it was “unwilling to be associated with the company’s financial statements”; and (3) KPMG criticized management’s lack of forthrightness in audit process and stated that there was an “inappropriate tone at the top” that created material weaknesses in the Company’s financial reporting.
On January 29, 2015, ADES also disclosed that it expected to be delisted from the NASDAQ, since it was unable to regain reporting compliance. On this news, the stock price dropped 40%. On February 3, 2015, ADES was delisted and now trades on the OTC-pink sheets.
If you currently own Advanced Emissions Solutions stock and wish to obtain additional information about the investigation and your legal rights, please fill out our form (at right) or contact Miranda Kolbe either via email at firstname.lastname@example.org or by phone at 415-788-4220.