Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CPI Aerostructures, Inc. (NYSE: CVU).
On February 8, 2019, the Company revealed that its previously-issued financial statements for the three and nine months ended September 30, 2018 could no longer be relied upon due to an error related to the Company’s billing process which caused an overstatement of revenue. Then, on February 14, 2020, the Company revealed that its financial statements for the prior six quarters could no longer be relied upon due to an error relating to the Company’s recognition of revenue from contracts with customers and that there was a material weakness in its internal control over financial reporting relevant to those periods.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether CPI’s officers and/or directors breached their fiduciary duties to CPI’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Microchip shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.