The law firm of Kirby McInerney LLP is investigating potential claims against DZS Inc. (“DZS” or the “Company”) (NASDAQ: DZSI). The investigation concerns whether DZS and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
DZS provides access and optical networking infrastructure and cloud software solutions.
On June 1, 2023, DZS announced that it would restate its financial results for the Company’s first fiscal quarter ended March 31, 2023, noting that it improperly recognized approximately $15 million of revenue during the quarter. DZS further disclosed that “[t]he restatement relates to timing of revenue recognition with respect to two customer projects” and “[t]he most significant of the two revenue restatements is with a long standing, highly valued customer.” Moreover, the Company withdrew its previously issued guidance for its second quarter of 2023. On this news, the price of DZS shares declined by $2.17 per share, or approximately 36.23%, from $5.99 per share to close at $3.82 on June 1, 2023.
If you purchased or otherwise acquired DZS securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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