SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CIRCOR International, Inc. - CIR
NEW YORK, April 25, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of CIRCOR International, Inc. ("CIRCOR" or the "Company") (NYSE: CIR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether CIRCOR and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On Feb. 6, 2020, CIRCOR announced its CFO resigned effective Mar. 2, 2020. Then, on Mar. 2, 2020, CIRCOR announced it would not timely file its year end 2019 financial report, it had identified material weaknesses in its internal control over financial reporting, and it was investigating accounting and reporting matters at one of its domestic business units that has been classified as discontinued operations. Further, on Mar. 14, 2022, within months of the abrupt departures of the Company's new CFO and its CEO, CIRCOR announced that it and its auditor "uncovered accounting irregularities in the financial statements with respect to the Company's Pipeline Engineering business unit, which is a part of its Industrial reporting segment." The Company said (1) the irregularities preliminarily appear to account for balance sheet and income statement entries in the range of $35 to $45 million of pre-tax income on a cumulative basis over a period of at least five years, and (2) it would restate its 2019 - 2021 financial statements. Most recently, on Apr. 6, 2022, CIRCOR announced preliminary adjustments to 2021, 2020, and Q4 2020 revenues of $8.7 million, $6.2 million, and $2.2 million, respectively, that are related to Pipeline Engineering accounting irregularities.
On this news, CIRCOR's stock price fell $0.53 per share, or 2.09%, to close at $24.74 per share on April 6, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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