If the Quebec Ministry of the Environment's notice is issued, Bennett may be forced to limit emissions of dioxins and furans from it Recupere Sol plant, install equipment to further monitor emissions and submit data to the ministry.

"Although the company has a monitoring system in place, met the data submission requirement, and stated that the plant operation would continue as usual, there could be more negative ramifications as events unfold," RBC Capital Markets analyst Angela Guo wrote in a research note.

Guo put her financial estimates and target price for Bennett under review, citing the possibility of additional expenses to run the facility and a temporary plant shutdown.

The analyst also said the New Brunswick government may wish to reconsider its support for Bennett's Belledune plant, given that it was granted on the premise that it matched the Quebec plant in terms of emission standards.

Bennett, which said on Sunday it disagrees with the ministry's conclusions, said it has always complied with the government's requirements, and will operate its Recupere Sol plant as usual.