Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Consensus Cloud Solutions, Inc. (“Consensus Cloud Solutions” or “the Company”) (NASDAQ: CCSI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Consensus Cloud Solutions that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The investigation is centered around whether the Company provided inaccurate or incomplete information to investors. On February 22, 2023, Consensus Cloud Solutions announced that due to unintentional errors, their unaudited financial statements for the three and nine months ending on September 30, 2022 will be restated. The Company attributes the errors mainly to a legacy accounting practice related to the SoHo business that grossed up revenue by $1.9 million and $5.3 million for the respective periods, along with delayed recognition of revenue of $2.2 million and $2.5 million for the same periods, which should have been classified as deferred revenue. As a result of this announcement, the Company's shares fell by 21% the following day.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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