Advanced Emissions Solutions Inc. said March 29 that it has settled an investigation by the SEC into accounting errors committed from 2011 to 2014.
Advanced Emissions said it agreed to a settlement and a civil monetary penalty of $500,000 "without admitting or denying the SEC's allegations."
The SEC order alleged certain negligent financial reporting and internal controls claims during the three-year period. However, the commission also recognized Advanced Emission's cooperation during the investigation and certain leadership changes it made, including top management and new finance and accounting personnel.
Advanced Emissions admitted that its internal investigation revealed accounting errors that dated back several years and said it has since strengthened its system to avoid such errors.