SAN DIEGO & EDGEWOOD, N.Y.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP reminds investors it is investigating CPI Aerostructures, Inc. (NYSE: CVU) resulting from allegations that CPI Aerostructures may have issued materially misleading information to the investing public. CPI is a United States supplier of aircraft parts in both commercial and defense markets.
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CPI Aerostructures, Inc. (CVU) Discovers Material Weakness in Its Financial Reporting
On February 7, 2019, CPI's Audit Committee determined that the company's previously issued financial statements should no longer be relied on due to an error in the financial statements. According to CPI, the alleged error inflated its revenue and income before provision for income taxes, net income, and earnings per share for each such period. As a result, CPI will have to reduce revenue and income by $900,000 to $950,000, net income by $725,000 to $775,000, and fully diluted earnings per share by $ 0.09.
CPI Aerostructures, Inc. (CVU) Shareholders Have Legal Options
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