CPI Aerostructures settles SEC probe over 2018-2022 restatements; faces $400k penalty if remediation fails

CPI AEROSTRUCTURES INC

Settlement with SEC via cease-and-desist order; company neither admits nor denies findings.
Must fully remediate material weakness in ICFR and have effective controls by Dec 31, 2024.
If compliance fails, a $400,000 civil penalty is due to SEC by June 30, 2025.
SEC credited remedial actions: remediated all material weaknesses, revised SOX program, hired new personnel.
CEO Dorith Hakim stated commitment to improving policies and ensuring compliance with the agreement.

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