Connect with us


SEC: no billing plan to the aerospace company LI




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.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]