NEW YORK, June 15, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of DZS Inc. ("DZS" or the "Company") (NASDAQ: DZSI). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether DZS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 1, 2023, DZS announced that it would restate its financial results for the Company's first fiscal quarter ended March 31, 2023, noting that it improperly recognized approximately $15 million of revenue during the quarter. DZS further disclosed that "[t]he restatement relates to timing of revenue recognition with respect to two customer projects" and "[t]he most significant of the two revenue restatements is with a long standing, highly valued customer." Moreover, the Company withdrew its previously issued guidance for its second quarter of 2023.
On this news, DZS's stock price fell $2.17 per share, or 36.23%, to close at $3.82 per share on June 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
