An Arizona court of appeals has upheld a ruling by state regulators against  Denver Energy Exploration.

The case against the company stems from a 2014 ruling by the Arizona Corporation Commission that found the company committed securities fraud by not disclosing a previous action taken by Pennsylvania's regulators against it.

The Arizona commission said omitting such information was misleading to investors.

Energy exploration companies typically seek to develop oil and gas resources.

Denver Energy Exploration appealed the decision, saying what happened in Pennsylvania wasn't relevant to its business in Arizona. Ultimately, the court sided with the commission and agreed the company's filings made it appear as though it was in good standing.

This is the fifth time in the past two years the state appellate court has upheld a decision handed down by the commission's securities division.