NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against ZoomInfo Technologies, Inc. (“ZoomInfo” or the “Company”) (NASDAQ: ZI) for violations of the federal securities laws on behalf of investors who purchased or acquired ZoomInfo common stock between November 10, 2020, and August 5, 2024, inclusive (the “Class Period”).
On September 4, 2024, a complaint was filed against the Company and certain of its officers and directors, as well as other named entities, alleging that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (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, ZoomInfo’s reported revenues, operating income, and customer and retention metrics were materially overstated.
When investors learned the truth, ZoomInfo’s common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in ZoomInfo’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before November 4, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
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