PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against CPI Aerostructures, Inc. (“CPI” or the “Company”) (NYSE: CVU) on behalf of investors who purchased shares of CPI’s stock between May 15, 2018 and February 14, 2020, inclusive (the “Class Period”).
CPI investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or online at http://kaskelalaw.com/case/cpi-aerostructures-inc/, for additional information about this action and their legal rights and options.
The shareholder class action complaint alleges that CPI and certain executive officers issued a series of false and misleading statements to investors during the Class Period about the Company’s financial statements.
On February 14, 2020, CPI disclosed that its 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 its Chief Financial Officer had resigned. Following this news, shares of the Company’s 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.
IMPORTANT DEADLINE: Investors who purchased CPI’s common stock during the Class Period may, no later than April 24, 2020, seek to be appointed as a lead plaintiff representative in the action.
For additional information about this action please contact Kaskela Law LLC. 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.