NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Commercial Vehicle Group, Inc. (NASDAQ:CVGI) (“CVG”) on behalf of CVG stockholders. Our investigation concerns whether CVG has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 16, 2020, CVG issued a press release announcing the Company’s financial and operating results for the quarter and year ended December 31, 2019. Therein, CVG disclosed that “[o]n March 12, 2020, the Audit Committee of the Board of Directors of the Company, after considering the recommendations of management, and discussing such recommendations with outside SEC counsel and KPMG LLP, the Company's independent registered public accounting firm, concluded that our audited consolidated financial statements as of and for the fiscal year ended December 31, 2018 . . . and our unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018 . . . should no longer be relied upon due to misstatements.”
Specifically, CVG advised investors that “[w]ith respect to the impact of the restatement on the Consolidated Statements of Operations for 2018 and for the nine months ended September 30, 2019, cost of revenues were understated by $3.9 million and $4.6 million, respectively, net income was overstated by $3.0 million and $3.5 million, respectively, and diluted earnings per share was overstated by $0.10 and $0.11, respectively. Total Assets in the Consolidated Balance Sheets as of December 31, 2018 and as of September 30, 2019 were overstated by $5.4 million and $9.0 million, respectively. Costs relating to an independent investigation, which is complete, arising from the restatement referenced above are estimated to be $3 million and were incurred in the first quarter of 2020.”
On this news, CVG’s stock price fell sharply on March 17, 2020, to close at $2.30 per share.
If you purchased or otherwise acquired CVG shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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