Robbins Arroyo LLP Is Investigating the Officers and Directors of CIRCOR International, Inc. (CIR) on Behalf of Shareholders
18 November 2015 - 7:21AM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP is investigating
whether certain officers and directors of CIRCOR International,
Inc. (NYSE: CIR) violated federal securities laws by issuing
materially misleading business information to the investing public.
CIRCOR designs, manufactures, and distributes valves and other
engineered products, and sub-systems used in the oil and gas, power
generation, aerospace, defense, and industrial markets
worldwide.
View this press release on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/circor-international-inc
CIRCOR Discloses Material Weakness in Internal Control Over
Financial Reporting
On November 9, 2015, CIRCOR disclosed that the consolidated
financial statements for the three and six months ended July 5,
2015, included in its Quarterly Report on Form 10-Q should no
longer be relied upon because the previously filed consolidated
financial statements did not properly state certain accounts
receivable and certain taxes related to CIRCOR’s Brazil operations.
CIRCOR also announced the closure of its Brazil manufacturing
operation due to difficult economic conditions and ongoing
challenges of its largest customer—Petrobras. CIRCOR further stated
that its facility in Brazil has reported substantial operating
losses every year since 2011, while the underlying market outlook
has continued to deteriorate. On this news, CIRCOR's stock fell
$2.26 per share, or over 5%, to close at $42.80 per share on
November 9, 2015.
CIRCOR Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151117006909/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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