DZS Inc. Announces Delayed 10-Q Filing
09 August 2023 - 10:00PM
DZS Inc. (“DZS” or the “Company”) (Nasdaq: DZSI), a global leader
of access, optical and cloud-controlled software defined solutions,
announced today that it will not file its Quarterly Report for the
three months ended June 30, 2023 (the “Second Quarter 10-Q”) within
the filing deadline established by the Securities and Exchange
Commission (the “SEC”) and will be a late filer with respect to
such report.
The delay in the filing of the Company’s Second Quarter 10-Q
relates principally to the ongoing review by the Audit Committee of
the Company’s Board of Directors, as described below, in connection
with the restatement of the Company’s previously issued unaudited
condensed consolidated financial statements and the notes thereto
with respect to the three months ended March 31, 2023 (the “Subject
Period”).
As previously reported in the Company’s Current Report on Form
8-K filed with the SEC on June 1, 2023 (the “June Form 8-K”), the
Audit Committee, in consultation with the Company’s management,
determined that the Company’s previously issued unaudited condensed
consolidated financial statements for the Subject Period should no
longer be relied upon and should be restated due to an accounting
error relating to the timing of revenue recognition with respect to
certain customer projects for the Subject Period. As a result of
this error, the Audit Committee initiated a review of the Company’s
accounting for revenue recognition and the extent to which these
matters affect the Company’s internal controls over financial
reporting. The Audit Committee’s review is ongoing and no
conclusions have been reached at this time.
The Company plans to file the Second Quarter 10-Q as soon as
reasonably practicable following the completion of the Audit
Committee’s review and the restatement. The Company is unable to
provide an expected filing date at this time.The description of the
restatement and accounting error in the June Form 8-K and above was
and is preliminary, unaudited and subject to further change in
connection with the ongoing Audit Committee review and the
completion of the restatement. Accordingly, there can be no
assurance as to the actual effects of the restatement or that the
Company will not determine to restate any financial statements for
periods other than the Subject Period or with respect to any
additional accounting errors. Moreover, there can be no assurance
as to what period the revenue previously recognized in the Subject
Period will ultimately be recognized.
About DZS Inc.DZS Inc. (Nasdaq: DZSI) is a
global leader of access, optical and cloud-controlled software
defined solutions.
DZS, the DZS logo, and all DZS product names are trademarks of
DZS Inc. Other brand and product names are trademarks of their
respective holders. Specifications, products, and/or product names
are all subject to change.
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbors created under the Private Securities Litigation Reform Act
of 1995. These statements reflect the beliefs and assumptions of
the Company’s management as of the date hereof. Words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “may,” “plan,” “project,” “seek,”
“should,” “target,” “will,” “would,” variations of such words, and
similar expressions are intended to identify forward-looking
statements. Readers are cautioned that these forward-looking
statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict. The
Company’s actual results could differ materially and adversely from
those expressed in or contemplated by the forward-looking
statements. Factors that could cause actual results to differ
include, but are not limited to, those risk factors contained in
the Company’s SEC filings available at www.sec.gov, including
without limitation, the Company’s annual report on Form 10-K,
quarterly reports on Form 10-Q and subsequent filings. In addition,
additional or unforeseen affects from the COVID-19 pandemic and the
global economic climate may give rise to or amplify many of these
risks. Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. DZS undertakes no obligation to update or
revise any forward-looking statements for any reason.
For further information see: www.DZSi.com.
DZS on Twitter: https://twitter.com/dzs_innovation
DZS on LinkedIn: https://www.linkedin.com/company/DZSi/
DZS (NASDAQ:DZSI)
Historical Stock Chart
From Apr 2024 to May 2024
DZS (NASDAQ:DZSI)
Historical Stock Chart
From May 2023 to May 2024