Rigrodsky & Long, P.A.:
- Do you own shares of CIRCOR International, Inc. (NYSE: CIR)?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that it has commenced an investigation of CIRCOR International, Inc. (“CIRCOR” or the “Company”) for possible violations of the federal securities laws by the Company and certain of its officers and directors.
On November 9, 2015, the Company filed a Form 8-K reporting that “the consolidated financial statements for the three and six months ended July 5, 2015 included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended July 5, 2015, should no longer be relied upon because the previously filed consolidated financial statements did not properly state certain accounts receivable and certain taxes (primarily the Value Added Tax Recoverable) related to the Company’s Brazil operations.” CIRCOR further reported that “these errors result in: (i) as of July 5, 2015, a decrease in Accounts Receivable and Prepaid expenses and other current assets of $1.9 million and $0.6 million, respectively; and (ii) a decrease in both Operating Income and Net Income of $2.5 million for the three and six months ended July 5, 2015.” As a result of these and other errors, retained earnings decreased from $263.3 million to $260.1 million and total current assets decreased from $460.0 million to $456.6 million as of July 5, 2015.
On this news, the price of CIRCOR stock fell to as low as $41.52 per share on intraday trading on November 10, 2015, compared to a close of $45.06 on November 9, 2015.
If you purchased shares of CIRCOR and wish to discuss this investigation, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/circor-international-inc-cir.
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