Press release
Lawsuit filed for Investors who lost money with shares of DZS Inc. (NASDAQ: DZSI)
A lawsuit was filed on behalf of investors in DZS Inc. (NASDAQ: DZSI) shares over alleged securities laws violations.
Investors who purchased shares of DZS Inc. (NASDAQ: DZSI) have certain options and for certain investors are short and strict deadlines running. Deadline: August 14, 2023. NASDAQ: DZSI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Plano, TX based DZS Inc. provides access and optical networking infrastructure and cloud software solutions in the Americas, Europe, the Middle East, Africa, and Asia.
DZS Inc. reported that its annual Total Revenue rose from $350.2 million in 2021 to $375.69 million in 2022, and that its Net Loss increased from $34.68 million in 2021 to $37.43 million in 2022.
On June 1, 2023, before the market opened, DZS Inc. disclosed that it needs to restate its previously issued financial statements for the first quarter of 2023. DZS Inc. further disclosed that the restatement relates to approximately $15 million in revenue recognized in connection with two customer projects.
Shares of DZS Inc. (NASDAQ: DZSI) declined from $7.39 per share on May 19, 2023, to $.326 per share on June 06, 2023.
The plaintiff claims that between March 10, 2023 and May 31, 2023, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that DZS' financial statements from March 31, 2023 to the present contained certain errors, that as a result, DZS would need to restate its previously filed quarterly financial statement for the period ending March 31, 2023, that the Company had ongoing undisclosed issues with its internal controls over financial reporting, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of DZS Inc. (NASDAQ: DZSI) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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