Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 16, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises DZS Inc. (“DZS” or the “Company”) (NASDAQ: DZSI) investors that a lawsuit filed on behalf of investors that purchased DZS securities between March 10, 2023 and May 31, 2023, inclusive (the “Class Period”)
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 1, 2023, prior to the market opening, DZS announced the necessity of restating its previously issued financial statements for the first quarter of 2023. The restatement pertains to approximately $15 million in revenue that was recognized in relation to two customer projects.
As a consequence of this announcement, DZS's stock price experienced a decline of $2.17 per share, representing a decrease of approximately 36%, with the stock closing at $3.82 per share on June 1, 2023. This resulted in harm to investors.
The class action complaint filed in relation to this matter alleges that throughout the defined Class Period, the Defendants engaged in the dissemination of materially false and/or misleading statements, while also neglecting to disclose crucial adverse facts regarding the Company's business, operations, and prospects. Specifically, it is alleged that the Defendants failed to disclose the following to investors: (1) the existence of certain errors in DZS' financial statements from March 31, 2023, until the present; (2) the requirement for restating the previously filed quarterly financial statement for the period ending March 31, 2023; (3) undisclosed ongoing issues with the Company's internal controls over financial reporting; and (4) the Defendants' positive statements about the Company's business, operations, and prospects were significantly misleading and/or lacked a reasonable basis throughout the relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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