NEW YORK, July 20, 2023 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors that it has commenced an investigation of Consensus Cloud Solutions, Inc. ("Consensus Cloud Solutions") ( CCSI) concerning possible violations of federal securities laws.
On February 22, 2023, the company announced that âas a result of the unintentional errors noted [below], the audit committee (the âAudit Committeeâ) 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.â The âunintentional errorsâ were âprimarily 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 (âSoHo Errorâ) 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 (âDeferred Revenue Errorâ).â
Following this news, on February 22, 2023, Consensus Cloud Solutionâs shares fell by over 21%. To obtain additional information, go to:
https://zlk.com/pslra-1/consensus-cloud-solutions-lawsuit-submission-form?wire=3
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Servicesâ Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
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New York, NY 10006
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
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