BENSALEM, Pa., July 24, 2023 /PRNewswire/ -- Law Offices of Howard G. Smith 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
Investors suffering losses on their DZS investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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SOURCE Law Offices of Howard G. Smith
