NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- Zhang Investor Law announces a securities class action lawsuit on behalf of shareholders who bought shares of CPI Aerostructures, Inc. (NYSE:CVU) between May 15, 2018 and February 14, 2020, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than April 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the case go to http://zhanginvestorlaw.com/join-action-form/?slug=cpi-aerostructures-inc&id=2180 to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
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According to the case, defendants made false and/or misleading statements and/or failed to disclose (1) CPI Aerostructures’ financial statements included in the Company’s Forms 10-Q for the first, second, and third quarters of 2018 and 2019 incorrectly applied generally accepted accounting principles and thus revenue, net income, retained earnings, and contract assets were overstated; (2) as a result, the financial statements included in the Form 10-Qs for 2018 and 2019 and the annual report on Form 10-K for 2018 could no longer be relied upon and required restatement; (3) CPI Aerostructures lacked adequate internal controls over financial reporting and effective disclosure controls and procedures as of the period during each reporting period of 2018; (4) CPI Aerostructures lacked effective disclosure controls and procedures during the third quarter of 2019; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff.
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