LOS ANGELES, April 23, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises the public that a class action lawsuit has been filed on behalf of CPI Aerostructures, Inc. (“CPI” or the “Company”) investors that acquired CPI securities (NYSE: CVU), between May 15, 2018 through February 14, 2020.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email, to discuss their legal rights, or click here to join the case via www.portnoylaw.com.
The lawsuit alleges that the Company misled investors through its public statements, and that on at least two separate trading sessions, disclosure of the Company’s fraud caused significant investment loss.
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.
The complaint filed in this lawsuit alleges that defendants intentionally overstated revenues, and the Company’s overall financial performance, for the first, second, and third quarters of 2018 and all of 2019; and, that the Company lacked adequate internal controls over financial reporting.
Please visit our website to review more information and submit your transaction information. If you suffered a loss you have until April 24, 2020 to request that the Court appoint you as lead plaintiff.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
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Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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