Law Offices of Howard G. Smith continues its investigation on behalf Commercial Vehicle Group, Inc. (“Commercial Vehicle Group” or “the Company”) (NASDAQ: CVGI) investors concerning the Company and its officers’ possible violations of federal securities laws.
On March 16, 2020, after the market closed, Commercial Vehicle Group issued a press release announcing its fourth quarter and full year 2019 financial results. Therein, the Company disclosed that certain financial statements for fiscal 2018 and 2019 periods should no longer be relied upon due to misstatements. Its Audit Committee had determined, among other things, that for the nine months ended September 30, 2019, cost of revenues were understated by $4.6 million, net income was overstated by $3.5 million, and diluted earnings per share was overstated by $0.11.
On this news, the Company’s share price fell $0.96, or 38%, to close at $1.56 per share on March 18, 2020, on unusually heavy trading volume.
Then, on March 23, 2020, the Company announced that Harold Bevis would replace Patrick Miller as its Chief Executive Officer, effective immediately.
On this news, the Company’s share price fell $0.20, or 11%, to close at $1.59 per share on March 23, 2020.
If you purchased Commercial Vehicle Group securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Copyright Business Wire 2020