Shareholder Alert: Robbins LLP Announces CPI Aerostructures, Inc. (CVU) Sued for Misleading Shareholders

Shareholder rights law firm Robbins LLP announces that a purchaser of CPI Aerostructures, Inc. (NYSE: CVU) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between May 15, 2018 and February 14, 2020. CPI engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets.

If you suffered a loss as a result of CPI's misconduct, click here.

CPI Aerostructures, Inc. (CVU) Accused of Misleading Shareholders

According to the complaint, on November 13 2018, CPI filed its Form 10-Q for 3Q 2018, touting net income of $1,328,153 and revenue of $19,944,558 and attesting to the Company's accuracy of financial reporting. Contrary to these assurances, on February 8, 2019, CPI reported to the SEC that its 3Q 2018 10-Q should no longer be relied upon, disclosing that its revenue was overstated by $900,000 to $950,000, and net income was overstated by $725,000 to $775,000 due to the Company's material weakness in its internal control over financial reporting. Then, in CPI's following SEC filings from April 1, 2019 to November 8, 2019, the Company once again attested to its accuracy of financial reporting and effective disclosure controls. However, on February 14, 2020, CPI released a press release stating that its financial statements for the fiscal year 2018 and year to date 2019 could no longer be relied upon, again citing a material weakness in the Company's control over financial reporting. On this news, CPI's stock fell 27% to close at $4.87 per share. The stock continues to decline.

CPI Aerostructures, Inc. (CVU) Shareholders Have Legal Options

Contact us to learn more: Leo Kandinov [phone] [e-mail] Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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