BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf CPI Aerostructures, Inc. (“CPI or the “Company”) (NYSE: CVU) investors concerning the Company and its officers’ possible violations of federal securities laws.
On February 8, 2019, CPI announced that its previously issued financial statements for the three and nine months ended September 30, 2018 should no longer be relied upon due to an error related to the Company’s billing process which caused an overstatement of revenue.
On this news, CPI’s share price fell 8.5% to close at $6.34 per share on February 8, 2019, thereby injuring investors.
Then, on February 14, 2020, CPI announced that its financial statements for fiscal 2018 and 2019 should no longer be relied upon because “certain revenues and net income were recognized prematurely or inaccurately.” Additionally, the Company announced that its Chief Financial Officer had resigned.
On this news, the Company’s stock price fell $1.80, or nearly 27%, to close at $4.87 per share on February 14, 2020, thereby injuring investors further.
If you purchased CPI securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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