San Diego, CA -- (SBWIRE) -- 03/06/2023 -- Consensus Cloud Solutions, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.

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 focuses on whether a series of statements by Consensus Cloud Solutions, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Los Angeles, CA based Consensus Cloud Solutions, Inc., together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. On February 22, 2023, Consensus Cloud Solutions, Inc. 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 $37.74 per share on March 2, 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.