SAN FRANCISCO, March 15, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges CIRCOR International, Inc. (NYSE: CIR) investors with significant losses to submit your losses now. The firm is investigating the company’s admitted improper accounting and possible securities law violations.
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CIRCOR International, Inc. (CIR) Investigation:
The investigation focuses on the propriety of CIRCOR’s accounting and reported financial performance.
Specifically, in past years, CIRCOR has repeatedly assured investors that its financial reporting and financial statements were prepared in accordance with GAAP.
But, on Feb. 6, 2020, after the market closed, CIRCOR announced its CFO resigned effective Mar. 2, 2020.
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.
Finally, on March 14, 2022, within months after the abrupt departures of the Company’s CFO and its CEO, CIRCOR announced that it and its auditor “uncovered accounting irregularities in the financial statements with respect to the Company’s Pipeline Engineering business unit, which is a part of its Industrial reporting segment.”
CIRCOR revealed the irregularities preliminarily appear to account for balance sheet and income statement entries in the range of $35 to $45 million of pre-tax income on a cumulative basis over a period of at least five years.”
The Company also disclosed it would restate its 2019 – 2021 financial statements and investors should no longer rely on them.
In response, the price of CIRCOR shares fell sharply lower.
“We’re focused on investors’ losses and whether CIRCOR cooked its books to conceal the extent of its losses,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in CIRCOR and have significant losses, or have knowledge that may assist the firm’s investigation, 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 global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
