CAE - CAE INVESTOR ALERT: Bronstein Gewirtz & Grossman LLC Announces that CAE Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit! | Benzinga
NEW YORK, July 18, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against CAE Inc. ("CAE" or "the Company") (NYSE:CAE) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired CAE securities between February 11, 2022, and May 21, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/CAE.
Case Details
According to the Complaint, CAE is a technology company that offers software-based simulation training and critical operations support solutions primarily in two business segments: (1) Civil Aviation and (2) Defense and Security ("Defense"). CAE's Defense segment provides independent training and simulation solutions for global defense and security forces.
This case, per the Complaint, concerns Defendants' misrepresentations concerning significant cost overruns in CAE's Defense segment caused by several fixed-price, long-term Defense contracts entered into prior to the COVID-19 pandemic. During the Class Period, the CAE's CFO stated the Company had reduced its "hard costs," drove "added staffing efficiencies," and that CAE was "focus[ed] on internally making us stronger and contributing to margin expansion." The Company also stated that "[n]otwithstanding the ongoing challenges posed by the pandemic, CAE is already delivering stronger financial performance . . . and optimizing its position[.]"
However, the truth began to emerge on August 10, 2022, asserts the Complaint, when CAE issued a press release reporting its first quarter fiscal 2023 results and announced it had incurred "$28.9 million in unfavorable contract profit adjustments in ...