SAN FRANCISCO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Seattle-based software and data company ZoomInfo Technologies, Inc. (NASDAQ: ZI) and its most senior executives are now the target of an investor class action, claiming that they intentionally misled investors about its financial performance and growth prospects.
Hagens Berman urges ZoomInfo Technologies Inc. (NASDAQ: ZI) investors who suffered substantial losses to submit your losses now.
Class Period: Nov. 10, 2020 – Aug. 5, 2024
Lead Plaintiff Deadline: Nov. 4, 2024
Visit: www.hbsslaw.com/investor-fraud/ZI
Contact the Firm Now: ZI@hbsslaw.com
844-916-0895
ZoomInfo Technologies Inc. (ZI) Securities Class Action:
According to the complaint, ZoomInfo capitalized on the increased demand for digital sales and marketing tools during the COVID-19 pandemic, posting record financial results in 2020 and 2021. However, the lawsuit alleges that the company’s growth was unsustainable and that its executives misled investors about the company's long-term prospects.
The complaint further alleges that ZoomInfo executives engaged in massive insider selling, dumping billions of dollars’ worth of company stock while investors were unaware of the company's deteriorating financial situation.
The lawsuit also alleges that ZoomInfo employed coercive tactics to retain customers, including threatening litigation and imposing onerous auto-renewal policies. These tactics, according to the complaint, damaged the company's reputation and ultimately led to a decline in customer satisfaction and revenue.
The lawsuit points to several instances where the artificial inflation in ZoomInfo's stock price caused by defendants’ fraud dissipated following the company’s disclosures about its financial challenges and customer dissatisfaction. These include announcements in November 2022, July 2023, and May and most recently on August 5, 2024, when the company announced disappointing earnings results.
Hagens Berman is investigating the allegations against ZoomInfo and is encouraging investors to contact the firm to learn more about their rights.
If you invested in ZoomInfo and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information about the ZoomInfo case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding ZoomInfo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ZI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
