04:18 AM EDT, 06/21/2024 (MT Newswires) -- CPI Aerostructures ( CVU ) agreed to settle Securities and Exchange Commission allegations of overstating income and revenue during multiple quarters between 2018 and 2022, the company and the regulator said Thursday.

Under the settlement terms, the company did not admit or deny the SEC allegations of "financial reporting, accounting, internal accounting controls and disclosure controls and procedures failures." But the company said it "has undertaken to fully remediate its material weakness in internal control over financial reporting" by the end of the year or face a penalty of $400,000.