NEW YORK, July 31, 2023 /PRNewswire/ -- Attention Consensus Cloud Solutions, Inc. ("Consensus Cloud Solutions") (NASDAQ: CCSI) shareholders:
The Law Offices of Vincent Wong announce that an investigation has commenced into Consensus Cloud Solutions and certain of its officers and directors regarding potential securities fraud. The investigation concerns, in part, the below:
On February 22, 2023, the company announced that "as a result of the unintentional errors noted [below], the audit committee (the 'Audit Committee') 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." The "unintentional errors" were "primarily 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 ('SoHo Error') 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 ('Deferred Revenue Error')." Following this news, on February 22, 2023, Consensus Cloud Solution's shares fell by over 21%.
If you suffered a loss on your investment in Consensus Cloud Solutions, contact us about potential recovery by using the link below. There is no cost or obligation to you.
https://www.wongesq.com/pslra-1/consensus-cloud-solutions-class-action-submission-form?prid=42731&wire=4
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
E-Mail: vw@wongesq.com
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SOURCE The Law Offices of Vincent Wong
