Advanced Emissions Solutions Inc (NASDAQ: ADES) Investor Securities Class Action Lawsuit 05/01/2014

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Company Name(s): 
Advanced Emissions Solutions
Case Name: 
Advanced Emissions Solutions Shareholder Class Action Lawsuit 05/01/2014
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ADES
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/01/2014
Class Period Begin: 
05/12/2011
Class Period End: 
01/29/2015
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
06/30/2014
Date Settled: 
10/13/2016
Settlement Amount: 
$3,950,000
Deadline to Participate in Settlement: 
02/10/2017
Summary: 

February 10, 2017 - The court held a final settlement hearing, approved the settlement and the plan of allocation, entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

October 13, 2016 - The court preliminarily approved the settlement.

July 29, 2016 - Parties filed a stipulation of settlement.

May 16, 2016 - The lead plaintiff filed a second amended consolidated complaint.

March 8, 2016 - The court denied defendants' motion to dismiss without prejudice with the option to refile should mediation fail. The court further ordered the case is stayed.

June 19, 2015 - Defendants filed a motion to dismiss.

April 20, 2015 - The lead plaintiff filed an amended consolidated complaint.

February 19, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 30, 2014 - Lead plaintiff motions were filed.

May 1, 2014 - An investor in shares of Advanced Emissions Solutions Inc (NASDAQ: ADES) filed a lawsuit in the U.S. District Court for the District of Colorado against Advanced Emissions Solutions Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 14, 2013 and March 12, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Advanced Emissions Solutions Inc (NASDAQ: ADES) between March 14, 2013 and March 12, 2014, that the defendants violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between March 14, 2013 and March 12, 2014, the defendants made allegedly false and/or misleading statements and/or failed to disclose that Advanced Emissions Solutions Inc was employing improper accounting practices, particularly with respect to its method for recognizing revenue for its Emission Control business segment contracts, that Advanced Emissions Solutions Inc 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, that the improper accounting practices would require Advanced Emissions Solutions Inc to restate its reported financial statements, and that as a result of the above, Advanced Emissions Solutions Inc’s financial statements were materially false and misleading at all relevant times.

On March 13, 2014, Advanced Emissions Solutions Inc announced that it will reschedule its 2013 fourth quarter and year end news release and conference call. Advanced Emissions Solutions Inc said that it is currently reviewing its accounting practices, particularly its methods of recognizing revenue for its Emission Control business segment contracts and that it 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.

Shares of Advanced Emissions Solutions Inc fell from $54.23 to $50.90 on March 13, 2014. On March 17, 2014, Advanced Emissions Solutions Inc shares split 2:1.

On May 1, 2014, Advanced Emissions Solutions Inc (NASDAQ: ADES) shares closed at $22.41 per share.