DZS INC. CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED IN THE UNITED STATES DISTRICT COURT FOR EASTERN DISTRICT OF TEXAS

LEAD PLAINTIFF DEADLINE IS AUGUST 14, 2023

NEW YORK, June 26, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of Texas on behalf of those who acquired DZS Inc. ("DZS" or the "Company") (NASDAQ: DZSI) securities during the period from March 10, 2023 through May 31, 2023 (the "Class Period").

All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than August 14, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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On June 1, 2023, the Company announced that it would restate its financial statements from May 9, 2023, to the present, stating the following, in pertinent part, in its current report filed with the United States Securities and Exchange Commission ("SEC") on Form 8-K: 

"The Audit Committee . . . determined that the Company's previously issued unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023 contained an accounting error relating to the timing of revenue recognition with respect to two customer projects for the Subject Period."

On this news, the price of DZS shares declined by $2.17 per share, or approximately 36.23%, from $5.99 per share to close at $3.82 per share on June 1, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP