INVESTIGATION ALERT: Rigrodsky & Long, P.A. Announces Commencement of an Investigation of CIRCOR International, Inc. for Poss...
November 10 2015 - 6:11PM
Business Wire
Rigrodsky & Long, P.A.:
- Do you own shares of CIRCOR
International, Inc. (NYSE: CIR)?
- Did you lose money in your
investment?
Rigrodsky & Long, P.A. announces that it has commenced an
investigation of CIRCOR International, Inc. (“CIRCOR” or the
“Company”) for possible violations of the federal securities laws
by the Company and certain of its officers and directors.
On November 9, 2015, the Company filed a Form 8-K reporting that
“the consolidated financial statements for the three and six months
ended July 5, 2015 included in the Company’s Quarterly Report on
Form 10-Q for the quarterly period ended July 5, 2015, should no
longer be relied upon because the previously filed consolidated
financial statements did not properly state certain accounts
receivable and certain taxes (primarily the Value Added Tax
Recoverable) related to the Company’s Brazil operations.” CIRCOR
further reported that “these errors result in: (i) as of July 5,
2015, a decrease in Accounts Receivable and Prepaid expenses and
other current assets of $1.9 million and $0.6 million,
respectively; and (ii) a decrease in both Operating Income and Net
Income of $2.5 million for the three and six months ended July 5,
2015.” As a result of these and other errors, retained earnings
decreased from $263.3 million to $260.1 million and total current
assets decreased from $460.0 million to $456.6 million as of July
5, 2015.
On this news, the price of CIRCOR stock fell to as low as $41.52
per share on intraday trading on November 10, 2015, compared to a
close of $45.06 on November 9, 2015.
If you purchased shares of CIRCOR and wish to discuss this
investigation, please contact Timothy J. MacFall, Esquire or Peter
Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite
120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to
info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/circor-international-inc-cir.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151110007059/en/
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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