NEW YORK–(BUSINESS WIRE)–#CPIAerostructures–Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against CPI Aerostructures, Inc. (NYSE: CVU) on behalf of CPI stockholders. Our investigation concerns whether CPI has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 14, 2020, CPI announced that its financial statements for fiscal year 2018, the last three quarters of 2018, and the first two quarters of 2019 should no longer be relied upon due to errors in those financial statements relating to the Company’s recognition of revenue from contracts with customers under ASC Topic 606.
In addition, the Company announced that investors should no longer rely upon the independent auditor’s reports on the effectiveness of internal control over financial reporting for the year ended December 31, 2018, as well as management’s reports on the effectiveness of internal control over financial reporting, press releases, and investor communications describing the Company’s financial statements for such these periods. The Company also announced the resignation of its Chief Financial Officer.
On this news, CPI’s share price dropped sharply, to close at $4.87 per share.
If you purchased or otherwise acquired CPI shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, or telephone at (646) 860-9156, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.