DZS INC.: auditor change — DZS restates 2022 and Q1 2023 financials due to revenue recognition errors; delays Q2 and Q3 filings

DZS INC.

Audit committee determined 2022 annual and interim financials plus Q1 2023 should no longer be relied upon.
Restatements stem from revenue recognition errors on certain customer projects; review ongoing.
Company will not file Q2 or Q3 2023 10-Qs on time; filing delayed until review completes.
Anticipates one or more additional material weaknesses in internal controls over financial reporting.
Approximately $30M in annualized cost savings expected fully realized in 2024 from prior actions.

item 2.02 item 7.01 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

DZS INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

In addition, the report of Ernst & Young LLP included in the previously issued 2022 Annual Financial Statements should no longer be relied upon.

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Source: SEC EDGAR

accession 0001101680-23-000123

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