On March 16, 2020, after the market closed, CVGI issued a press release announcing its fourth quarter and full year 2017 financial results. The Company disclosed that certain financial statements for fiscal 2018 and 2019 periods should no longer be relied upon due to misstatements. CVGI’s Audit Committee had determined that, among other things, for the nine months ended September 30, 2019, cost of revenues were understated by $4.6 million, net income was overstated by $3.5 million, and diluted earnings per share was overstated by $0.11. On this news, CVGI’s share price fell over 38% over the next two trading days, to close at just $1.56 per share on March 18, 2020.
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