Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 11, 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 August 2, 2022 and June 1, 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.
Before the commencement of trading on June 1, 2023, DZS made public its need to revise its previously issued financial statements for the first quarter of the same year. The company clarified that the restatement pertains to approximately $15 million in revenue that had been recorded in relation to two customer projects.
In response to this announcement, the stock price of DZS experienced a decline of about 36%, equivalent to a reduction of $2.17 per share. The trading day concluded with the stock settling at $3.82 per share on June 1, 2023, causing financial harm to investors.
The lawsuit filed in relation to this class action asserts that during the specified Class Period, the Defendants engaged in the dissemination of significantly inaccurate and/or deceptive statements. Additionally, they were found to have neglected to reveal crucial negative information about the Company's operational, business, and future prospects. More specifically, the Defendants failed to communicate the following to investors: (1) the presence of errors in DZS' financial statements from March 31, 2023 onwards; (2) the necessity for DZS to amend its previously submitted quarterly financial statement for the period ending on March 31, 2023; (3) the existence of undisclosed and ongoing concerns regarding the Company's internal controls pertaining to financial reporting; and (4) consequently, the optimistic statements made by the Defendants concerning the Company's operations, business, and future prospects were significantly misleading and/or lacked a justifiable foundation throughout the relevant time frame.
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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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