CPI Aerostructures Settles SEC Over Financial Statement Restatements

(RTTNews) - CPI Aerostructures Inc. (CVU) said it has reached a settlement with the U.S. Securities and Exchange Commission regarding the restatement of its financial statements for fiscal periods spanning from January 1, 2018, to December 31, 2022.

The company said it has undertaken to fully remediate its material weakness in internal control over financial reporting or "ICFR" and have effective ICFR and disclosure controls and procedures or "DCP" by December 31, 2024, to publicly disclose, concurrent with the filing of the Company's 2024 Annual report on Form 10-K, whether in management's opinion, the Company has fully remediated its material weaknesses in ICFR and has effective ICFR and DCP and to certify its compliance.

If the company fails to comply with these undertakings, a civil monetary penalty in the amount of $400,000 will be due to the SEC by June 30, 2025.