INVESTOR ALERT: Edelson Lechtzin LLP Urges DZS Inc. (NASDAQ: DZSI) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, June 19, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of DZS, Inc. (NASDAQ: DZSI) common stock between March 10, 2023, and May 31, 2023, inclusive (the “Class Period”).
Investors who purchased DZS, Inc. common stock may move the U.S. District Court for the Eastern District of Texas to appoint them as lead plaintiff, no later than August 14, 2023. Current holders of DZS Inc. stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on DZS, Inc.
DZS Inc. is a Delaware corporation that maintains its principal executive offices in Plano, Texas. DZS Inc. is a global provider of access and optical networking infrastructure and cloud software solutions that enable the emerging hyper-connected, hyper-broadband world and broadband experiences.
The Securities Fraud Claims
The complaint alleges, that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects and/or failed to disclose that: (i) DZS Inc.’ financial statements from March 31, 2023, to present included certain errors; (ii) as a result, DZS Inc. would need to restate its previously filed quarterly financial statement for the period ending March 31, 2023; and (iii) DZS Inc. had ongoing undisclosed issues with its internal controls over financial reporting.
On June 1, 2023, DZS Inc. announced that needed to restate certain of its financial statements due to an accounting error in its unaudited condensed consolidated financial statements for the three months ended March 31, 2023, which affected the timing of revenue recognition for two customer projects. On this news, the price of DZSI share plummeted by $2.17, or 36%, to close at $3.82 per share on June 1, 2023. The next day, the price of DZS Inc. stock declined another $0.42, or 10.8%, to close at $3.46.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.