New York, New York--(Newsfile Corp. - June 15, 2023) - Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of DZS Inc. ("DZS" or the "Company") (NASDAQ: DZSI).
INVESTORS OF DZS STOCK WHO ACQUIRED THEIR SECURITIES BETWEEN MARCH 10, 2023 AND MAY 31, 2023, BOTH DATES INCLUSIVE (THE "CLASS PERIOD"), ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C.
According to a recently filed class-action complaint, during the Class Period, the DZS defendants allegedly made false and/or misleading statements and/or failed to disclose, among other things, that DZS' financial statements from March 31, 2023 to the present contained certain errors; as a result, DZS would need to restate its previously filed quarterly financial statement for the period ending March 31, 2023; the Company had ongoing undisclosed issues with its internal controls over financial reporting; and as a result, the Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 1, 2023, DZS reported that ". . . it will restate its previously issued financial statements for the first quarter of 2023, which ended March 31, 2023. The restatement relates to timing of revenue recognition with respect to two customer projects. The value of the revenue to be restated is approximately $15 million, of which the company anticipates the majority will be recognized during the second and third quarters of 2023."
Shares of DZS were down significantly during intraday trading on June 1, 2023.
SHAREHOLDERS OF DZS STOCK WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND SUFFERED LOSSES OF AT LEAST $100,000 ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
This press release may constitute attorney advertising.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170152
