Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of CIRCOR International, Inc. (NYSE: CIR) violated federal securities laws by issuing materially misleading business information to the investing public. CIRCOR designs, manufactures, and distributes valves and other engineered products, and sub-systems used in the oil and gas, power generation, aerospace, defense, and industrial markets worldwide.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/circor-international-inc
CIRCOR Discloses Material Weakness in Internal Control Over Financial Reporting
On November 9, 2015, CIRCOR disclosed that the consolidated financial statements for the three and six months ended July 5, 2015, included in its Quarterly Report on Form 10-Q should no longer be relied upon because the previously filed consolidated financial statements did not properly state certain accounts receivable and certain taxes related to CIRCOR’s Brazil operations. CIRCOR also announced the closure of its Brazil manufacturing operation due to difficult economic conditions and ongoing challenges of its largest customer—Petrobras. CIRCOR further stated that its facility in Brazil has reported substantial operating losses every year since 2011, while the underlying market outlook has continued to deteriorate. On this news, CIRCOR's stock fell $2.26 per share, or over 5%, to close at $42.80 per share on November 9, 2015.
CIRCOR Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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