NEW ORLEANS, June 26, 2020 /PRNewswire/ -- 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 CPI 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 (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-cvu/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC