INVESTIGATION ALERT: The Gross Law Firm Notifies Shareholders of Consensus Cloud Solutions, Inc. of an Investigation and Potential Class Action Lawsuit - (NASDAQ: CCSI)
NEW YORK, July 26, 2023 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Consensus Cloud Solutions, Inc.:
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%.
Due to the forgoing, The Gross Law Firm is investigating potential securities fraud claims on behalf of certain Consensus Cloud Solutions investors. If you incurred a loss on your CCSI investment, please contact us using the link below to discuss your rights.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903
SOURCE The Gross Law Firm
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