SAN FRANCISCO, March 25, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in CIRCOR International (NYSE: CIR) who have suffered significant losses to submit their losses now. The firm is investigating possible securities law violations, and certain investors may have valuable claims.
CIRCOR International (CIR) Investigation:
The investigation concerns whether CIRCOR’s accounting for discontinued operations and related impairments conformed with GAAP.
More specifically, CIRCOR and senior management have repeatedly assured investors that the Company’s internal controls over financial reporting are effective.
But, on Feb. 6, 2020, after the market closed, CIRCOR announced its CFO resigned effective Mar. 2, 2020, while reaffirming the Company’s 4Q 2019 financial outlook.
Then, on Mar. 2, 2020, after the market closed, CIRCOR announced it would not timely file its year end 2019 financial report, it has identified material weaknesses in its internal control over financial reporting, and it is investigating accounting and reporting matters at one of its domestic business units that has been classified as discontinued operations.
These announcements have driven the price of CIRCOR shares sharply lower.
Most recently, on Mar. 23, 2020, after the market closed, CIRCOR announced it received a notice from the NYSE that the Company is not in compliance with continued listing requirements and has 6 months from Mar. 17, 2020 to file its year end 2019 financial report.
This news drove the price of CIRCOR shares lower during intraday trading on Mar. 24, 2020.
“We’re focused on investors’ losses and whether CIRCOR may have intentionally understated asset impairments to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of CIRCOR and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding CIRCOR should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CIR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895