PR Newswire
LOS ANGELES, Sept. 19, 2024
LOS ANGELES, Sept. 19, 2024 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against ZoomInfo Technologies Inc. ("ZoomInfo" or the "Company") (NASDAQ: ZI).
Class Period: November 10, 2020 – August 5, 2024
Lead Plaintiff Deadline: November 4, 2024
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) 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; (2) 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; (3) 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; (4) 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 customer contract renewals in future periods; (5) that ZoomInfo's reported accounts receivable were materially comprised of debts owed by high-risk small business customers that had a high likelihood of non-payment and had been induced to transact with the Company through a credit program the Company implemented in 2022; (6) that ZoomInfo's allowance for credit losses was materially inadequate and understated the risk of non-payments by the Company's customers; and (7) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
