CONSENSUS CLOUD SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Consensus Cloud To Contact Him Directly To Discuss Their Options
NEW YORK, March 11, 2023
NEW YORK, March 11, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Consensus Cloud Solutions, Inc. (“Consensus Cloud” or the “Company”) (NASDAQ:CCSI).
If you have suffered losses exceeding $50,000 investing in Consensus Cloud stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CCSI.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On February 22, 2023, after trading hours, Consensus Cloud Solutions 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 (1) 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 (2) 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’).”
On this news, Consensus Cloud Solutions’ stock price fell $12.58, or 21%, to close at $46.92 per share on February 23, 2023.
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