LOS ANGELES–(BUSINESS WIRE)–$CVGI #Fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Commercial Vehicle Group, Inc. (“Commercial Vehicle Group” or “the Company”) (NASDAQ: CVGI) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Commercial Vehicle Group investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
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.
Whistleblower Notice: Persons with non-public information regarding Commercial Vehicle Group should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the 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 Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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