CCSI FRAUD ALERT: Jakubowitz Law is Investigating Consensus Cloud Solutions, Inc. in Connection with Potential Violations of Federal Securities Laws
NEW YORK, July 28, 2023 /PRNewswire/ -- Jakubowitz Law announces that an investigation into potential securities fraud allegations has commenced on behalf of shareholders of Consensus Cloud Solutions, Inc. (NASDAQ: CCSI)
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Further details on the investigation: 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%.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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T: (628) 895-0423
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SOURCE Jakubowitz Law
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