CPI Aerostructures, Inc. (CVU) Discovers Material Weakness in Its Financial Reporting
On February 7, 2019, CPI Aerostructures, Inc. (CVU)’s Audit Committee determined that the company’s previously issued financial statements should no longer be relied on due to an error in the financial statements. According to CPI, the alleged error inflated its revenue and income before provision for income taxes, net income, and earnings per share for each such period. As a result, CPI will have to reduce revenue and income by $900,000 to $950,000, net income by $725,000 to $775,000, and fully diluted earnings per share by $ 0.09.