NEW
YORK, July 28, 2023 /PRNewswire/ -- Jakubowitz
Law announces that an investigation into potential securities
fraud allegations has commenced on behalf of
shareholders of Consensus Cloud Solutions, Inc. (NASDAQ: CCSI)
To be contacted by a member of our team, fill out the
form:
https://claimyourloss.com/securities/consensus-cloud-solutions-class-action-loss-submission-form/?id=42677&from=4
Further details on the investigation: 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%.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law