NEW YORK, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces the filing of a federal securities class action lawsuit in the United States District Court for the Eastern District of New York against CPI Aerostructures, Inc. (“CPI” or the “Company”) (NYSE: CVU) securities between May 15, 2018 and February 14, 2020, inclusive (the “Class Period”).

All investors who purchased shares of  CPI Aerostructures, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of  CPI Aerostructures, Inc. , you may, no later than April 24, 2020,  request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of CPI Aerostructures, Inc.

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The filed complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

• CPI Aerostructures’ financial statements included in its Forms 10-Q for the first, second, and third quarters of 2018 and of 2019 incorrectly applied generally accepting accounting principles and thus revenue, net income, retained earnings, and contract assets were overstated;
   
• as a result, the financial statements included in the Form 10-Qs for 2018 and for 2019 and the annual report on Form 10-K for 2018 could no longer be relied upon and required restatement;
   
• 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;
   
• CPI Aerostructures lacked effective disclosure controls and procedures during the third quarter of 2019; and
   
• as a result, CPI Aerostructures’ public statements were materially false and/or misleading at all relevant times.             

On February 8, 2019, CPI announced that its previously issued financial statements for the three and nine months ended September 30, 2018 should no longer be relied upon due to an error related to the Company’s billing process which caused an overstatement of revenue. On this news, CPI’s share price fell 8.5% to close at $6.34 per share on February 8, 2019.

Then, on February 14, 2020, CPI announced that its financial statements for fiscal 2018 and 2019 should no longer be relied upon because “certain revenues and net income were recognized prematurely or inaccurately.” Additionally, the Company announced that its Chief Financial Officer had resigned.

On this news, the Company’s stock price fell $1.80, or nearly 27%, to close at $4.87 per share on February 14, 2020.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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