SAN DIEGO, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating whether Consensus Cloud Solutions, Inc. (NASDAQ: CCSI), any of its executive officers, or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws.
What if I purchased Consensus Cloud Solutions common stock? If you purchased Consensus Cloud Solutions common stock and suffered significant losses on your investment, join our investigation now:
Click or paste the following web address into your browser to submit your losses:
https://www.johnsonfistel.com/investigations/consensus-cloud-solutions-inc
Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471
There is no cost or obligation to you.
What is Johnson Fistel investigating? On February 22, 2023, the Company announced that “as a result of the unintentional errors noted [below], the audit committee (the ‘Audit Committee’) of the board of directors of the Company reached a determination to restate its unaudited financial statements for the three and nine month periods ended September 30, 2022.” The “unintentional errors” were “primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense (‘SoHo Error’) and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue (‘Deferred Revenue Error’).”
Following this news, on February 22, 2023, Consensus Cloud Solution’s shares fell by over 21%.
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email: jimb@johnsonfistel.com
