Levi & Korsinsky, LLP Announces Notice of Pendency and Proposed Settlement of Class Action for All Persons Who Purchased or Otherwise Acquired DZS Inc. Common Stock Between May 4, 2022, and November 9, 2023, Inclusive

NEW YORK, July 7, 2026 /PRNewswire/ -- 

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF TEXAS
SHERMAN DIVISION

NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO:    ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED DZS INC. ("DZS") COMMON STOCK BETWEEN MAY 4, 2022, AND NOVEMBER 9, 2023, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Texas, that a hearing will be held on September 25, 2026, at 10:00 a.m. before the Honorable Sean D. Jordan, United States District Court Judge, at the courthouse for the Eastern District of Texas, either telephonically, on Zoom, and/or at 101 East Pecan Street Room 216, Sherman, Texas 75090 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration in the amount of $2,900,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether Lead Counsel's application for an award of attorneys' fees of up to 33% and any interest accrued thereon, and reimbursement of out-of-pocket expenses of not more than $100,000 and any interest accrued thereon, and compensatory awards for Plaintiff of not more than $10,000, all to be paid from the Settlement Fund, should be approved; and (4) whether this Action should be dismissed with prejudice against the Defendants as fully set forth in the Stipulation of Settlement dated February 25, 2026 (the "Stipulation") filed with the Court.

You are receiving this Notice because the Court has preliminarily certified a class of investors for settlement purposes only ("Class"), and you may be a member of the Class ("Class Member"). The proposed Class consists of all Persons who purchased or acquired DZS common stock between May 4, 2022 and November 9, 2023, both dates inclusive, and were damaged thereby. Excluded from the Class are (i) Defendants and members of their immediate families; (ii) DASAN Networks, Inc. ("DNI"); (iii) the officers and directors of DZS and DNI during the Class Period, and their immediate families; (iv) the legal representatives, heirs, successors, or assigns of any of the foregoing; and (v) any entity in which any Defendant or DNI has or had a controlling interest.

If you purchased or acquired DZS Inc. common stock between May 4, 2022 and November 9, 2023, inclusive, your rights may be affected by this Action and the Settlement thereof, including the release and extinguishment of claims you may possess relating to your ownership interest in DZS common stock. If you have not received a more-detailed, long-form Notice of Pendency and Proposed Settlement of Class Action ("Notice") and the Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents and the Stipulation by downloading them at the Settlement website at: www.DZSISecuritiesSettlement.com. If you are unable to do so, you may contact the Claims Administrator by email at [email protected], by toll-free telephone at (855) 915-4285, or by mail to obtain copies: 

In re DZS Inc. Securities Litigation 
c/o Claims Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103

Defendants have denied and continue to deny that they committed any act or omission giving rise to any liability or violation of the law. The Settlement will resolve the lawsuit and the Released Claims as to the Defendants and other Released Defendants' Parties. Plaintiff and the Class are represented by Lead Counsel, who may be reached by contacting: Adam M. Apton, Levi & Korsinsky, LLP, 33 Whitehall Street, 27th Floor, New York, NY 10004, (212) 363-7500.

If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim to the Claims Administrator so that it is postmarked (if mailed) or received (if submitted online) no later than October 14, 2026, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any Judgment rendered in the Action whether or not you make a claim.

If you want to be excluded from the Class, you must submit to the Claims Administrator a request for exclusion, in accordance with the procedures set forth in the long-form Notice, so that it is received no later than August 28, 2026. If you decide to exclude yourself from the Class and wish to file your own individual lawsuit based on the Released Plaintiffs' Claims, Defendants may argue that you face a time bar under applicable statutes of limitation or repose. Any Class Member considering a request for exclusion should discuss these risks with an appropriate legal advisor. All members of the Class who have not requested exclusion from the Settlement Class will be bound by any Judgment entered in the Action pursuant to the Settlement Stipulation.

If you are a Class Member and do not exclude yourself, you can object to the Settlement, Plan of Allocation, or Lead Counsel's request for an Attorney Fee Award and compensatory Award to Plaintiff in the manner and form explained in the detailed Notice. Any objection must be received no later than August 28, 2026.

Any questions regarding the Settlement should be directed to Lead Counsel for the Class or the Claims Administrator.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

SOURCE Levi & Korsinsky, LLP