CPI Aerostructures Inc., whose files were subpoenaed by the Securities and Exchange Commission in May, said in a Monday filing that a letter from the agency indicated it had no intention of filing a complaint in connection with an investigation of restated financial statements.
Edgewood’s maker of assemblies and parts for military and business aircraft, said in an SEC filing that staff at the regulatory oversight body have completed their investigation and, based on the current information, did not plan to recommend enforcement action.
CPI Aero shares fell 3% to close at $ 4.60 on Monday.
In an email, CPI Aero chief executive Douglas McCrosson described the letter from SEC staff as “positive news, but not unexpected.”
In April 2020, the New York Stock Exchange issued a notice advising CPI Aero that it was not in compliance with continued listing due to delays in filing financial reports.
But McCrosson said the company returned to compliance when it filed its results for the third quarter of 2020.
The company recognized weaknesses in financial controls, monitoring and risk assessment.
In August 2020, the company restated its financial statements for the year ended December 31, 2018.
In February 2020, CFO Dan Azmon resigned after holding the position for about three months. The former L3 Technologies Inc. executive joined CPI following the departure of longtime CFO Vincent Palazzolo in November 2019.
At the time Azmon resigned, CPI Aero said quarterly financial statements for several quarters were inaccurate due to the way revenue was recorded.
Thomas Powers, a former executive at aerospace manufacturer Triumph Group, is interim CFO of CPI Aero.
The filing on Monday said that while no enforcement action is being considered, the notice “should in no way be construed as indicating that the party has been exonerated or that no action can result from the investigation of the party. staff.”
As of August 2020, the company had 258 full-time employees.
In February, the company received $ 2.7 million in state tax credits and a $ 1.05 million capital grant to encourage it to stay on Long Island and add 85 new jobs to full time over five years.
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