Consensus Cloud Solutions, Inc.
|Company Name||Consensus Cloud Solutions, Inc.|
On February 22, 2023, after trading hours, Consensus Cloud disclosed that it would restate its third quarter 2022 financial results, reducing revenue by $4.1 million and net income by $1.7 million. The restatement resulted from errors related to an accounting practice “inherited from the spin transaction in its SoHo business” as well as the timing of revenue that “the Company has concluded should be reclassified as deferred revenue.”
On this news, the Company’s stock price fell $12.58, or 21.1%, to close at $46.92 per share on February 23, 2023, thereby injuring investors.
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