On or around 09/25/2020 (Date of last review)
Filing Date: February 24, 2020
According to the Complaint, CPI Aerostructures engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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; (4) CPI Aerostructures lacked effective disclosure controls and procedures during the third quarter of 2019; and (5) 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.
On May 5, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on September 24.
Company & Securities Information
Defendant: CPI Aerostructures, Inc.
Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States
Ticker Symbol: CVU
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Mark A. Rodriguez, et al. v. CPI Aerostructures, Inc., et al.
COURT: E.D. New York
DOCKET #: 20-CV-00982
JUDGE: Hon. Eric N. Vitaliano
DATE FILED: 02/24/2020
CLASS PERIOD START: 05/15/2018
CLASS PERIOD END: 02/14/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
U.S. District Court Civil Docket
Jeffrey L. Feinberg, et al. v. CPI Aerostructures, Inc., et al.