NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors from Consensus Cloud Solutions, Inc. (“CCSI” or the “Company”) CCSI. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether CCSI and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On February 22, 2023, CCSI announced in a filing with the US Securities and Exchange Commission that “[d]In preparing its annual report on Form 10-K for the year ended December 31, 2022, the Company identified inadvertent errors primarily related to (i) an old accounting practice inherited from the spin transaction at its SoHo business the brought in revenue growth of $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with an associated bad debt allowance and (ii) the timing of revenue recognition from $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022 which, upon review, the Company should reclassify as deferred income.” Accordingly, the Company’s Audit Committee “determined that the unaudited financial statements for the three and nine month periods ended September 30, 2022 (the “Prior Financial Statements”) should no longer be relied upon and that a Neudar Formation of the Company’s quarterly financial statements is included. A periodic report on Form 10-Q for the period ended September 30, 2022 (the ‘Q3 2022 10-Q’) is required.”

As a result of this news, CCSI’s stock price fell $12.58 per share, or 21.14%, to close at $46.92 per share on February 23, 2023.

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