Shareholder Alert: Robbins LLP Announces CPI Aerostructures, Inc. (CVU) Sued for Misleading Shareholders
February 25 2020 - 08:02PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of CPI Aerostructures, Inc. (NYSE: CVU) filed a class
action complaint for alleged violations of the Securities Exchange
Act of 1934 between May 15, 2018 and February 14, 2020. CPI engages
in the contract production of structural aircraft parts for fixed
wing aircraft and helicopters in the commercial and defense
markets.
If you suffered a loss as a result of CPI's misconduct, click
here.
CPI Aerostructures, Inc. (CVU) Accused of Misleading
Shareholders
According to the complaint, on November 13 2018, CPI filed its
Form 10-Q for 3Q 2018, touting net income of $1,328,153 and revenue
of $19,944,558 and attesting to the Company's accuracy of financial
reporting. Contrary to these assurances, on February 8, 2019, CPI
reported to the SEC that its 3Q 2018 10-Q should no longer be
relied upon, disclosing that its revenue was overstated by $900,000
to $950,000, and net income was overstated by $725,000 to $775,000
due to the Company's material weakness in its internal control over
financial reporting. Then, in CPI's following SEC filings from
April 1, 2019 to November 8, 2019, the Company once again attested
to its accuracy of financial reporting and effective disclosure
controls. However, on February 14, 2020, CPI released a press
release stating that its financial statements for the fiscal year
2018 and year to date 2019 could no longer be relied upon, again
citing a material weakness in the Company's control over financial
reporting. On this news, CPI's stock fell 27% to close at $4.87 per
share. The stock continues to decline.
CPI Aerostructures, Inc. (CVU) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225006113/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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