The Law Offices of Frank R. Cruz reminds investors of the upcoming August 14, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired DZS Inc. (“DZS” or the “Company”) (NASDAQ: DZSI) securities between August 2, 2022 and June 1, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On June 1, 2023, before the market opened, DZS disclosed that it needs to restate its previously issued financial statements for the first quarter of 2023. The Company further disclosed that the restatement relates to approximately $15 million in revenue recognized in connection with two customer projects.
On this news, DZS’s stock price fell $2.17 per share, or approximately 36%, to close at $3.82 per share on June 1, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) DZS’ financial statements from March 31, 2023 to the present included certain errors; (2) as a result, DZS would need to restate its previously filed quarterly financial statement for the period ending March 31, 2023; (3) the Company had ongoing undisclosed issues with its internal controls over financial reporting; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired DZS securities during the Class Period, you may move the Court no later than August 14, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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