ZoomInfo Technologies (US:ZI) GlobeNewswire News Room·2024-09-11 17:24Core Viewpoint - A class action securities lawsuit has been filed against ZoomInfo Technologies Inc. alleging securities fraud that affected investors between November 10, 2020, and August 5, 2024 [1] Group 1: Allegations of the Lawsuit - The lawsuit claims that ZoomInfo's financial results were temporarily inflated due to the COVID-19 pandemic, which created a false demand for its database services [2] - It is alleged that a significant portion of ZoomInfo's customer base was either reducing their usage of the product or abandoning it entirely [2] - The company reportedly employed manipulative auto-renew policies and threats of litigation to retain customers against their will [2] - These coercive tactics are said to have harmed customer relationships and created a hidden demand cliff for future contract renewals [2] - As a result of these actions, ZoomInfo's reported revenues, operating income, and customer retention metrics were materially overstated [2] Group 2: Next Steps for Affected Investors - Investors who suffered losses during the specified period have until November 4, 2024, to request appointment as lead plaintiff [3] - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing significant settlements for shareholders and has been recognized as a top securities litigation firm in the United States [4]