circor international incs stock rose 15 to 2701 a day after disclosing accounting irregularities related to its pipeline engineering unit and saying that it was reviewing strategic alternatives with the underperformance of the shares apparent meaningful financial misstatements and given prior offers for the company we find it difficult to see a scenario where the company is not sold in its entirety or in pieces stifel analysts wrote in a note the massachusettsbased company on monday said that its board received multiple inquiries starting in january and that in february the board had began a full review of potential strategic alternatives and retained evercore and jp morgan securities llc as financial advisers and ropes  gray as legal adviser separately it said the accounting irregularities in the pipeline engineering unit largely appear to account for balance sheet and income statement entries ranging from 35 million to 45 million of income before taxes on a cumulative basis over a period of at least five years the unit it said accounted for about 3 of circors total revenue in 2020 and about 2 of 2019 total revenue an outside law firm and an independent forensic accounting firm are reviewing the documents along with the boards audit committee circor said adding it expects to report at least one material weakness during that period and may restate financial statements for 2019 through 2021 stifels nathan jones adam m farley and matthew mooney said the majority of the value would likely be in circors aerospace and defense segment which isnt subject to the accounting issues