BOSTON, Feb. 14, 2020 (GLOBE NEWSWIRE) -- National securities litigation firm Block & Leviton LLP (www.blockesq.com), informs investors that it has opened an investigation into CPI Aerostructures, Inc. (NYSE: CVU) and its officers and directors for potential violations of the federal securities laws.
On February 14, 2020, CPI announced that its financial statements for 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.
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 the 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 these periods. The Company also announced the resignation of its Chief Financial Officer.
On this news, the CPI share priced dropped more than 19% in intraday trading
If you purchased or otherwise acquired CPI Aerostructures securities and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at mdelaney@blockesq.com, or by visiting https://shareholder.law/cases/?case=cpi.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
mark@blockesq.com