San Diego, CA -- (SBWire) -- 05/25/2023 --An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Consensus Cloud Solutions, Inc.
Investors who purchased shares of Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Consensus Cloud Solutions, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Los Angeles, CA based Consensus Cloud Solutions, Inc., together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. Consensus Cloud Solutions, Inc. reported that its annual Total Revenue rose from $352.66 million in 2021 to $362.42 million in 2022, and that its Net Income declined from $109 million in 2021 to $72.41 million in 2022.
On February 22, 2023, Consensus Cloud Solutions, Inc. (NASDAQ: CCSI 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 (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 ('SoHo Error') 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 ('Deferred Revenue Error')."
Shares of Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) declined from $62.08 per share on February 16, 2023, to $41.89 per share on February 24, 2023.
Those who purchased shares of Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:CCSI Investor Alert: Investigation over Possible Wrongdoing at Consensus Cloud Solutions, Inc. Announced
An investigation on behalf of investors in Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) shares over potential wrongdoing at Consensus Cloud Solutions, Inc. was announced and NASDAQ:CCSI stockholders should contact the Shareholders Foundation.