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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.