SAN DIEGO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating Consensus Cloud Solutions, Inc. (NASDAQ: CCSI), Veradigm Inc. (NASDAQ: MDRX) 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. Additional information can be found by following the links below.
Consensus Cloud Solutions, Inc: https://www.johnsonfistel.com/investigations/consensus-cloud-solutions-inc
Veradigm Inc: https://www.johnsonfistel.com/investigations/veradigm-inc
What actions may I take at this time? If you purchased common stock and suffered significant losses on your investment, join our investigation now:
Consensus Cloud Solutions, Inc:
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’).”
Click or paste the following web address into your browser to submit your losses:
https://www.johnsonfistel.com/investigations/consensus-cloud-solutions-inc
Veradigm Inc:
On February 28, 2023, the company announced that it “detected certain internal control failures related to revenue recognition that have occurred over the prior six quarters, resulting in a mis-statement to reported revenues during those periods.” As a result, the Company reported that it expects “a reduction in revenue from continuing operations of approximately $20 million dollars in the aggregate from what it otherwise reported since the 3rd quarter of 2021 and expected to report for the 4th quarter of 2022.” The company stated further that it is “continuing to evaluate the materiality of the mis-statement to determine if the full amount of this adjustment will flow through in the 4th quarter of 2022 or if prior periods will also require adjustment.”
Click or paste the following web address into your browser to submit your losses:
https://www.johnsonfistel.com/investigations/veradigm-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 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.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
