Law Offices of Howard G. Smith continues its investigation on behalf of CIRCOR International, Inc. (“CIRCOR” or the “Company”) (NYSE: CIR) investors concerning the Company’s possible violations of federal securities laws.
On March 14, 2022, CIRCOR disclosed that it may restate financial results dating to 2018 due to accounting irregularities related to its pipeline engineering unit. The Company stated that the irregularities appear to be “in the range of $35 to $45 million of pre-tax income on a cumulative basis over a period of at least five years.”
On this news, the Company’s stock fell as much as 2.4% during after hours trading on March 14, 2022.
Then, on April 1, 2022, CIRCOR announced the preliminary impact of the “accounting irregularities,” including that the previously reported “pre-tax income of the Pipeline Engineering business unit for [the 12-month period ending Q3 2021] in the range of $4 million to $5 million is now expected to be a pre-tax loss in the range of $7 million to $8 million.”
Then, on May 23, 2022, CIRCOR announced selected preliminary financial expectations for the first quarter of 2022 with reported orders expected to be down low-single digits and organic orders expected to be roughly flat year-over-year.
If you purchased CIRCOR 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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Law Offices of Howard G. Smith
Howard G. Smith, Esquire