CPI Aerostructures, Inc.
Lead Plaintiff Deadline: 04/24/2020
SUMMARY OF CASE:
A securities class action has been filed against CPI Aerostructures, Inc. (CVU) on behalf of purchasers of the securities of CPI between May 15, 2018 through February 14, 2020. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges defendants, throughout the Class Period ,made false and/or misleading statements and/or failed to disclose that: (1) CPI Aerostructures’ financial statements included in the Company’s Forms 10-Q for the first, second, and third quarters of 2018 and 2019 incorrectly applied generally accepted accounting principles and thus revenue, net income, retained earnings, and contract assets were overstated; (2) as a result, the financial statements included in the Form 10-Qs for 2018 and 2019 and the annual report on Form 10-K for 2018 could no longer be relied upon and required restatement; (3) CPI Aerostructures lacked adequate internal controls over financial reporting and effective disclosure controls and procedures as of the period during each reporting period of 2018; (4) CPI Aerostructures lacked effective disclosure controls and procedures during the third quarter of 2019; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.