Firm Announces Filing Class Action Suit on behalf of anyone who acquired Class A common stock of ZoomInfo Technologies

If you purchased the Class A common stock of ZoomInfo during the Class Period you may be entitled to compensation

CHARLESTON, SC, UNITED STATES, September 27, 2024 /EINPresswire.com/ -- Poulin | Willey | Anastopoulo, a leading Plaintiffs class action firm announces the filing of a class action securities lawsuit in the United States District Court for the Western District of Washington on behalf of persons or entities who purchased or otherwise acquired the Class A common stock of ZoomInfo Technologies, Inc., Inc., (“ZoomInfo”or the “Company”) (NASDAQ:ZI) between November 10, 2020, and August 5, 2024, both dates inclusive (the “Class” and the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2024.

WHY: If you purchased the Class A common stock of ZoomInfo during the Class Period you may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency arrangement. There is no cost or obligation to participate.

WHAT’S NEXT: To join the ZoomInfo class action, call Stuart J. Guber, Esq. at 803-222-2222 or email Stuart J. Guber, Esq. at stuart.guber@poulinwilley.com. If you wish to serve as a lead plaintiff, you must move the Court no later than November 4, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

CASE DETAILS: According to the Complaint, Case 3:24-cv-05739, ZoomInfo is a software and data company that provides customer contact and business information to its clients. This class action was filed against ZoomInfo and two of its Officers as well as several controlling corporate shareholders.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and failed to disclose the following adverse facts pertaining to ZoomInfo’s business, operations, and financial condition: (a) that ZoomInfo’s financial and operational results during the Class Period had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled-forward demand for the Company’s database of digital contact information; (b) that material portions of ZoomInfo’s existing customer base were attempting to either substantially reduce their use of the Company’s product or abandon it altogether; (c) that ZoomInfo had used manipulative and coercive auto-renew policies and threats of litigation to force customers into remaining with the Company for an additional contractual term even though such customers did not want to; (d) that ZoomInfo’s coercive customer retention tactics had materially damaged the Company’s customer relationships, client franchise, and competitive advantages, and created a hidden demand cliff for costumer contract renewals in future periods; and (e) that as a result of (a)–(d), above, ZoomInfo’s reported revenues, operating income, and customer and retention metrics were materially overstated.

As a result of these serial disclosures, the price of ZoomInfo Class A common stock declined from a Class Period high of over $79 per share to just $8 per share by the end of the Class Period, a 90% decline, causing plaintiff and the Class to suffer billions of dollars in losses and economic damages under the federal securities laws. Defendants, meanwhile, sold billions of dollars worth of ZoomInfo stock at artificially inflated prices before the truth was revealed.

NO COST TO YOU: No Recovery, No Attorney’s Fees, No Costs. We represent you on a fully contingent basis. There are no fees or costs to you for your participation in the lawsuit if the lawsuit is unsuccessful.

WHY POULIN | WILLEY| ANASTOPOULO: The firm is one of the leading Plaintiff class action and mass tort firms in the country. Our Director of Shareholder Services and Securities Litigation, Stuart J. Guber, has over three decades of experience successfully representing defrauded shareholders including public pension plans, Taft-Hartley union pension plans and health & welfare funds, and individual investors in class action securities litigation and securities opt-out litigation. In addition, firm partner Roy Willey IV has served as counsel in class actions and multi district litigations across the country. He brings a creative, problem-solving based approach to handling cases for consumers, investors and others harmed through no fault of their own. As a result he has been repeatedly named among America’s Top 100 High Stakes Litigators, Best Lawyers, and Super Lawyers.

Stuart Guber
Poulin | Willey | Anastopoulo
+1 803-222-2222
stuart.guber@poulinwilley.com
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