ZoomInfo Technologies (US:ZI) Prnewswireยท2024-09-17 09:45Core 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][2]. Group 1: Allegations of Fraud - The lawsuit claims that ZoomInfo's financial results were artificially inflated due to temporary demand increases caused by the COVID-19 pandemic [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 is accused of employing manipulative auto-renew policies and threats of litigation to retain customers against their will [2]. - These coercive tactics reportedly 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 significantly overstated [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified period have until November 4, 2024, to request to be appointed as lead plaintiff in the case [3]. - Class members may be eligible for compensation without incurring any out-of-pocket costs or fees [3]. Group 3: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].