CPI Aerostructures gets preliminary approval of derivative settlement requiring governance reforms

CPI AEROSTRUCTURES INC

Court granted preliminary approval on March 6, 2023; final approval hearing set for June 7, 2023.
Settlement requires CPI to adopt corporate governance reforms including new independent board member within 12 months.
Company acknowledges litigation was substantial factor in appointing new CFO, controller, and outside auditor RSM.
Outside consultant to review ASC 606 revenue recognition and inventory accounting compliance.
All parties deny wrongdoing; no monetary payment in settlement.

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