LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Consensus Cloud Solutions, Inc. (“Consensus Cloud” or the “Company”) (NASDAQ: CCSI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 22, 2023, after trading hours, Consensus Cloud disclosed that it would restate its third quarter 2022 financial results, reducing revenue by $4.1 million and net income by $1.7 million. The restatement resulted from errors related to an accounting practice “inherited from the spin transaction in its SoHo business” as well as the timing of revenue that “the Company has concluded should be reclassified as deferred revenue.”
On this news, the Company’s stock price fell $12.58, or 21.1%, to close at $46.92 per share on February 23, 2023, thereby injuring investors.
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If you purchased Consensus Cloud securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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