NEW YORK, July 24, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Consensus Cloud Solutions, Inc. (“CCSI” or the “Company”) (NASDAQ: CCSI) on behalf of CCSI stockholders. Our investigation concerns whether CCSI has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 22, 2023, CCSI disclosed in a filing with the U.S. Securities and Exchange Commission that “[d]uring the preparation of its annual report on Form 10-K for the fiscal year ended December 31, 2022, the Company identified unintentional errors 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 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.” Accordingly, the Company’s Audit Committee “determined that the unaudited financial statements for the three and nine month periods ended September 30, 2022 (the ‘Prior Financial Statements’) should no longer be relied upon and that a restatement of the Prior Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the ‘Q3 2022 10-Q’) is required.”
On this news, CCSI’s stock price fell $12.58 per share, or 21.14%, to close at $46.92 per share on February 23, 2023.
If you purchased or otherwise acquired CCSI shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
