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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages CPI Aero (CVU) Investors Who Suffered Significant Losses to Contact Firm Now, CPI Aero Admits Improper Accounting
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PR Newswire
SAN FRANCISCO, Feb. 15, 2020
SAN FRANCISCO, Feb. 15, 2020 /PRNewswire/ -- Hagens Berman urges CPI Aero (NYSE: CVU) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The firm is investigating possible securities fraud and certain CVU investors may have valuable claims.
Relevant Holding Period: Before Feb. 14, 2020
Sign Up: www.hbsslaw.com/investor-fraud/CVU
Contact an Attorney Now: CVU@hbsslaw.com
844-916-0895
CPI Aero (CVU) Investigation:
The investigation centers on the propriety of CPI Aero's revenue recognition practices and internal controls over financial reporting.
In past quarters, CPI Aero has promoted its streak of posting profits and revenue growth, attributing the superior financial results to "strong operational execution."
But on Feb. 8, 2019, CPI Aero disclosed that its Q3 2018 financial statements could no longer be relied upon due to an "error . . . in the Company's billing process." The error inflated the company's reported revenue and income before provision for income taxes, net income, and EPS.
Then, on Feb. 14, 2020, CPI Aero announced that its financial statements for fiscal year 2018, the last three quarters of 2018, and the first two quarters of 2019 should no longer be relied upon due to errors relating to the Company's recognition of revenue from customer contracts. The Company also disclosed that, contrary to prior representations, CPI Aero maintained ineffective internal control over financial reporting for 2018. CPI Aero further announced the resignation of recently appointed CFO Dan Azmon.
On this news, the CPI share priced dropped nearly 30%.
"We're focused on recovering investors' losses and determining whether CPI Aero's admitted accounting errors were intentional," said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding CPI Aero should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CVU@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
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