An investigation for investors in CPI Aerostructures, Inc. (NYSE: CVU) shares over potential securities laws violations by CPI Aerostructures was announced.
San Diego, CA -- (SBWIRE) -- 03/15/2019 -- An investigation was announced concerning potential securities laws violations by CPI Aerostructures.
Investors who purchased shares of CPI Aerostructures, Inc. (NYSE: CVU), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of CPI Aerostructures, Inc. (NYSE: CVU) concerning whether a series of statements by CPI Aerostructures, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Edgewood, NY based CPI Aerostructures, Inc. engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. CPI Aerostructures, Inc. reported that its annual Total Revenue declined from over $81.32 billion in 2016 to $81.28 billion in 2017 and that its Net Loss of over $3.6 billion in 2016 turned into a Net Income of over $5.76 billion in 2017.
On February 8, 2019, CPI Aerostructures disclosed that its financial statements for the three and nine months ended September 30, 2018 reported in its Form 10-Q could no longer be relied upon due to an "error . . . in the Company's billing process." According to CPI Aerostructures, the alleged error inflated its revenue and income before provision for income taxes, net income, and earnings per share for each such period.
Those who purchased shares of CPI Aerostructures, Inc. (NYSE: CVU) have certain options and should contact the Shareholders Foundation.
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