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.
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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
Before the commencement of trading on June 1, 2023, DZS made public its need to revise its previously issued financial statements for the first quarter of the same year. The company clarified that the restatement pertains to approximately $15 million in revenue that had been recorded in relation to two customer projects.
In response to this announcement, the stock price of DZS experienced a decline of about 36%, equivalent to a reduction of $2.17 per share. The trading day concluded with the stock settling at $3.82 per share on June 1, 2023, causing financial harm to investors.
The lawsuit filed in relation to this class action asserts that during the specified Class Period, the Defendants engaged in the dissemination of significantly inaccurate and/or deceptive statements. Additionally, they were found to have neglected to reveal crucial negative information about the Company’s operational, business, and future prospects. More specifically, the Defendants failed to communicate the following to investors: (1) the presence of errors in DZS’ financial statements from March 31, 2023 onwards; (2) the necessity for DZS to amend its previously submitted quarterly financial statement for the period ending on March 31, 2023; (3) the existence of undisclosed and ongoing concerns regarding the Company’s internal controls pertaining to financial reporting; and (4) consequently, the optimistic statements made by the Defendants concerning the Company’s operations, business, and future prospects were significantly misleading and/or lacked a justifiable foundation throughout the relevant time frame.
