Investor Alert: Kaplan Fox Investigates CPI Aerostructures
NEW YORK, March 2, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating CPI Aerostructures ("CPI" or the "Company") (NYSE: CVU). A class action securities lawsuit has been filed on behalf of investors who purchased CPI securities between May 15, 2018 and February 14, 2020, inclusive (the "Class Period").
On February 14, 2020, CPI announced that its financial statements for the 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. The error was uncovered during the preparation of the Company's 2019 annual financial statements and "Management's preliminary conclusion is that certain revenues and net income were recognized prematurely or inaccurately due to an incorrect application of generally accepted accounting principles."
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 periods. The Company also announced the resignation of its Chief Financial Officer.
Following this news, the Company's stock price fell $1.80 per share, or approximately 27%, to close at $4.87 per share.
If you are a member of the proposed Class, you may move the court no later than April 24, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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