SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Commercial Vehicle Group, Inc. – CVGI
March 17, 2020 at 15:49 PM EDT
NEW YORK, March 17, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Commercial Vehicle Group, Inc. (“CVG” or the “Company”) (NASDAQ: CVGI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether CVG and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 16, 2020, CVG issued a press release announcing the Company’s financial and operating results for the quarter and year ended December 31, 2019. Therein, CVG disclosed that “[o]n March 12, 2020, the Audit Committee of the Board of Directors of the Company, after considering the recommendations of management, and discussing such recommendations with outside SEC counsel and KPMG LLP, the Company's independent registered public accounting firm, concluded that our audited consolidated financial statements as of and for the fiscal year ended December 31, 2018 . . . and our unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018 . . . should no longer be relied upon due to misstatements.” Specifically, CVG advised investors that “[w]ith respect to the impact of the restatement on the Consolidated Statements of Operations for 2018 and for the nine months ended September 30, 2019, cost of revenues were understated by $3.9 million and $4.6 million, respectively, net income was overstated by $3.0 million and $3.5 million, respectively, and diluted earnings per share was overstated by $0.10 and $0.11, respectively. Total Assets in the Consolidated Balance Sheets as of December 31, 2018 and as of September 30, 2019 were overstated by $5.4 million and $9.0 million, respectively. Costs relating to an independent investigation, which is complete, arising from the restatement referenced above are estimated to be $3 million and were incurred in the first quarter of 2020.” On this news, CVG’s stock price fell sharply during intraday trading on March 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.