LOS ANGELES, July 19, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against DZS Inc. ("DZS" or the "Company") (NASDAQ: DZSI).
Class Period: March 10, 2023 – May 31, 2023
Lead Plaintiff Deadline:August 14, 2023
If you wish to serve as lead plaintiff of the DZS lawsuit, you can submit your contact information at www.glancylaw.com/cases/dzs-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On June 1, 2023, before the market opened, DZS disclosed that it needs to restate its previously issued financial statements for the first quarter of 2023. The Company further disclosed that the restatement relates to approximately $15 million in revenue recognized in connection with two customer projects.
On this news, DZS's stock price fell $2.17 per share, or approximately 36%, to close at $3.82 per share on June 1, 2023, thereby injuring investors
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) DZS' financial statements from March 31, 2023 to the present included certain errors; (2) as a result, DZS would need to restate its previously filed quarterly financial statement for the period ending March 31, 2023; (3) the Company had ongoing undisclosed issues with its internal controls over financial reporting; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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SOURCE Glancy Prongay & Murray LLP
