Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, July 20, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Consensus Cloud Solutions, Inc. ("Consensus Cloud Solutions") (NASDAQ: CCSI) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. Consensus investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On February 22, 2023, Consensus Cloud Solution (the company) made an announcement stating that due to unintentional errors in their financial statements, the Audit Committee of the board of directors decided to restate their unaudited financials for the three and nine-month periods ended September 30, 2022. These errors were primarily related to two issues:

SoHo Error: The company had an accounting practice inherited from a spin transaction in its SoHo business, which resulted in an incorrect grossing up of revenue by $1.9 million and $5.3 million for the three and nine-month periods ending on September 30, 2022, respectively. This was accompanied by an offset to bad debt expense.

Deferred Revenue Error: The timing of revenue recognition was incorrect, leading to an overstatement of revenue by $2.2 million and $2.5 million for the three and nine-month periods ending on September 30, 2022, respectively. These amounts should have been classified as deferred revenue.

As a result of this announcement, investors reacted negatively, and Consensus Cloud Solution's shares experienced a significant decline of over 21% on February 22, 2023. The restatement of financials and the acknowledgment of these errors raised concerns among investors, leading to the sharp drop in the company's stock price.

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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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