San Diego, CA -- (SBWIRE) -- 03/09/2020 -- An investor, who purchased NYSE: CVU shares, filed a lawsuit against CPI Aerostructures, Inc over alleged violations of Federal Securities Laws.

Investors in shares of CPI Aerostructures, Inc. (NYSE: CVU) have certain options and for certain investors are short and strict deadlines running. Deadline: April 24, 2020. NYSE: CVU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

Then, on February 14, 2020, CPI Aerostructures issued a statement entitled "CPI Aerostructures to Restate Fiscal 2018 and Year-to-Date Fiscal 2019 Financial Statements as a Result of Errors in Connection With Revenue Recognition Under ASC Topic 606," which announced that its financial statements for the fiscal year 2018 and year-to-date for 2019 could no longer be relied upon.

Shares of CPI Aerostructures, Inc. (NYSE: CVU) declined on February 27, 2020 to as low as $2.81 per share.

The plaintiff claims that between May 15, 2018 and February 14, 2020, 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.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , 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, investigation, and/or settlements are not filed/reached and/or 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.