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.
https://securitiesclasslaw.com/securities/consensus-cloud-solutions-loss-submission-form/?id=42575&from=4
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: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm