NEW YORK, NY/ACCESSWIRE/April 17, 2022/ Pomerantz LLP is investigating claims on behalf of investors of CIRCOR International, Inc. (“CIRCOR” or the “Company”) RIC. Such investors are encouraged to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation focuses on whether CIRCOR and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On February 6, 2020, CIRCOR announced the resignation of its Chief Financial Officer effective March 2, 2020. Then, on March 2, 2020, CIRCOR announced that it would not timely file its 2019 year-end financial report, it had identified significant weaknesses in its internal system. control over financial reporting and was investigating accounting and financial reporting matters at one of its national business units that has been classified as a discontinued operation. Additionally, on March 14, 2022, a few months after the abrupt departures of the new CFO and its CEO from the company, CIRCOR announced that it and its auditor “discovered accounting irregularities in the financial statements relating to the business unit the Company’s Pipeline Engineering, which is part of its Industrial Reporting segment.” The Company stated (1) that the irregularities preliminary appear to reflect balance sheet and income statement entries of between $35 million and $45 million. dollars of pre-tax income on a cumulative basis over a period of at least five years, and (2) that it would restate its 2019 – 2021 financial statements. Most recently, on April 6, 2022, CIRCOR announced preliminary adjustments to income of 2021, 2020 and the fourth quarter of 2020 of $8.7 million, $6.2 million and $2.2 million, respectively, related to Pipeline Engineering accounting irregularities.

On this news, CIRCOR’s stock price fell $0.53 per share, or 2.09%, to close at $24.74 per share on April 6, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.

THE SOURCE: Pomerantz LLP

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