PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC is investigating CPI Aerostructures, Inc. (“CPI” or the “Company”) (NYSE:CVU) on behalf of the Company’s investors.
CPI investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585, or online at http://kaskelalaw.com/case/cpi-aerostructures-inc/, to discuss this investigation and their legal rights and options.
On February 14, 2020, CPI disclosed that the Company’s 2018 and 2019 financial statements “should no longer be relied upon due to an error in those financial statements relating to the Company’s recognition of revenue from contracts with customers under ASC Topic 606,” and that its financial statements would need to be restated. Additionally, CPI disclosed that “a material weakness existed in the Company’s internal control over financial reporting as of the end of each of the affected periods,” and that its Chief Financial Officer had resigned.
Following this news, shares of the Company’s common stock declined $1.80 per share, or nearly 30% in value, to close on February 14, 2020 at $4.87 per share, on heavy trading volume.
CPI investors are encouraged to contact Kaskela Law LLC to discuss this investigation and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.