DZS Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On June 1, 2023, prior to the market opening, DZS announced the necessity of restating its previously issued financial statements for the first quarter of 2023. The restatement pertains to approximately $15 million in revenue that was recognized in relation to two customer projects.
As a consequence of this announcement, DZS’s stock price experienced a decline of $2.17 per share, representing a decrease of approximately 36%, with the stock closing at $3.82 per share on June 1, 2023. This resulted in harm to investors.
The class action complaint filed in relation to this matter alleges that throughout the defined Class Period, the Defendants engaged in the dissemination of materially false and/or misleading statements, while also neglecting to disclose crucial adverse facts regarding the Company’s business, operations, and prospects. Specifically, it is alleged that the Defendants failed to disclose the following to investors: (1) the existence of certain errors in DZS’ financial statements from March 31, 2023, until the present; (2) the requirement for restating the previously filed quarterly financial statement for the period ending March 31, 2023; (3) undisclosed ongoing issues with the Company’s internal controls over financial reporting; and (4) the Defendants’ positive statements about the Company’s business, operations, and prospects were significantly misleading and/or lacked a reasonable basis throughout the relevant times.
