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Investigation announced for Investors in shares of CPI Aerostructures, Inc. (NYSE: CVU)

05-13-2020 11:54 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in CPI Aerostructures, Inc. (NYSE: CVU) shares.

An investigation on behalf of current long term investors in CPI Aerostructures, Inc. (NYSE: CVU) shares.

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of CPI Aerostructures, Inc..

Investors who are current long term investors in CPI Aerostructures, Inc. (NYSE: CVU) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NYSE: CVU stocks follows a lawsuit filed against CPI Aerostructures, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: CVU stocks, concerns whether certain CPI Aerostructures directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Eastern District of New York the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that 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, that 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, that 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, that CPI Aerostructures lacked effective disclosure controls and procedures during the third quarter of 2019, and that 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.

Those who purchased shares of CPI Aerostructures, Inc. (NYSE: CVU) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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