DZS Inc.'s former CEO and chief financial officer agreed to pay $2.9 million to settle a proposed securities class action alleging the telecommunications software company misrepresented its accounting abilities.
Former CEO Charles D. Vogt and ex-CFO Misty Kawecki, who remain in the suit after DZS filed for Chapter 7 bankruptcy and was acquired by Zhone Technologies Inc. last year, asked the US District Court for the Eastern District of Texas on Tuesday to preliminarily approve the proposed settlement.
- The consolidated suit alleged DZS misled investors before saying it needed restate a 2023 financial statement due to improper revenue recognition related ...