Calgon Carbon (CCC -8.1%) is sharply lower after the Supreme Court ruled against the EPA's recent mercury emissions mandate, which sent coal stock prices soaring.
CCC says that while the Court's decision is disappointing, mercury control regulations are in place in many states and Canada that already have established a sizable market; CCC says it continues to expect to increase its activated carbon mercury removal market revenues by ~50% this year.
Specialty chemical companies Albemarle (ALB -4.9%) and Cabot (CBT -6.6%), which also may have benefited from increased sales of bromine and activated carbon used to reduce mercury, fell sharply.
Shares of Advanced Emissions Solutions (ADES -47.7%) are nearly cut in half after the developer of clean coal technology said late yesterday that KPMG had resigned as its accounting firm.
ADES says it is seeking a new accountant but expects to have its shares delisted from the Nasdaq because it does not believe it can make the required financial filings and regain compliance.
Cowen analyst Jeff Osborne downgrades shares to Market Perform, saying that "while we believe the company has compelling technology solutions, the lack of transparency in financial statements” and ongoing accounting issues “gives us pause."
Advanced Emissions Solutions (NASDAQ:ADES) -5.3% AH on news that KPMG has resigned as its independent accounting firm, citing in an SEC filing "an inappropriate tone at the top, discontent with the company's timeliness and responsiveness to its requests for information."
ADES also says it is unlikely to regain compliance with SEC filing requirements by the previously reported March 27 deadline, and expects to be delisted from the Nasdaq market.
More than 20 "off-the-radar" companies will be presenting. As of now, the following small-caps are expected to present. In aggregate, the companies presenting are followed by more than 29,000 SA users. The number of SA alert subscribers for each symbol follows the symbol:
Advanced Emissions Solutions (ADES -3.5%) is lower after Street Sweeper posts a negative article highlighting class action lawsuits alleging securities law violations and false and/or misleading statements tied to financial reports that must be restated, plus a Nasdaq de-listing threat.
The article raises questions about the "rogues gallery" of people selected to fix its financial problems, including links to the risky penny stock world and leaders who ran out on another company whose delinquent financials almost killed its own Nasdaq listing.
Advanced Emissions Solutions (ADES) receives a notice that it's not in compliance with Nasdaq's listing rules following the company's failure to file its 10-K annual report for 2013 by the April 1 deadline.
The reason for the failure is Advanced Emissions' review of its financial reporting, such as its historical revenue-recognition policy for equipment contracts and the effectiveness of its internal controls.
Advanced Emissions has 60 calendar days to file the 10-K in order to regain compliance or request an extension of up to an additional 120 days. The company expects to meet the 60-day timeframe. (PR)