Robbins Geller Rudman & Dowd LLP and Robbins LLP Announce Notice of Class Action Settlement for All Persons Who Purchased CPI Aerostructures, Inc. Common Stock

SAN DIEGO, July 4, 2022 /PRNewswire/ -- 

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS WHO PURCHASED CPI AEROSTRUCTURES, INC. ("CPI" OR THE "COMPANY") COMMON STOCK DURING THE PERIOD BETWEEN MARCH 22, 2018 THROUGH FEBRUARY 14, 2020, INCLUSIVE, INCLUDING PURCHASERS OF CPI COMMON STOCK PURSUANT AND/OR TRACEABLE TO CPI'S OFFERING CONDUCTED ON OR ABOUT OCTOBER 17, 2018 ("CLASS" OR "CLASS MEMBERS")

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held via teleconference on September 9, 2022 at 11:15 a.m., before the Honorable Cheryl L. Pollak, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned actions as set forth in the Stipulation of Settlement ("Stipulation")¹ for $3,600,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (3) to award Lead Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action ("Notice"), which is discussed below) and, if so, in what amount; and (4) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

In order to determine whether the date and time of the Settlement Hearing have changed, it is important that you monitor the Court's docket and the Settlement website, www.CPIAerostructuresSecuritiesSettlement.com, before making any plans to attend the Settlement Hearing.  Any and all updates regarding the Settlement Hearing, including any changes to the date or time of the hearing, will be posted to the Settlement website, www.CPIAeroStructuresSecuritiesSettlement.com.  Also, the information for accessing the conference is posted to the Settlement website, www.CPIAeroStructuresSecuritiesSettlement.com.

IF YOU PURCHASED CPI COMMON STOCK BETWEEN MARCH 22, 2018 THROUGH FEBRUARY 14, 2020, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form ("Proof of Claim") by mail (postmarked no later than September 26, 2022) or electronically (no later than September 26, 2022).  Your failure to submit your Proof of Claim by September 26, 2022, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Litigation.  If you purchased CPI common stock between March 22, 2018 through February 14, 2020, inclusive, and do not request exclusion from the Class, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at www.CPIAeroStructuresSecuritiesSettlement.com, or by writing to:

CPI AeroStructures Securities Settlement
c/o A.B. Data, Ltd.
P.O. Box 173056
Milwaukee, WI  53217

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 800/449-4900

ROBBINS LLP
STEPHEN J. ODDO
5040 Shoreham Place
San Diego, CA 92122
Telephone: 800/350-6003

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY AUGUST 19, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.  ALL CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS' FEES NOT TO EXCEED 20% OF THE $3,600,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $50,000.  ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS' COUNSEL BY AUGUST 19, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

¹ The Stipulation can be viewed and/or obtained at www.CPIAeroStructuresSecuritiesSettlement.com.

SOURCE Robbins Geller Rudman & Dowd LLP and Robbins LLP