ZoomInfo Technologies (US:ZI) Prnewswireยท2024-09-23 09:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of ZoomInfo Technologies Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements during the class period from November 10, 2020, to August 5, 2024 [1] Allegations - The complaint claims that ZoomInfo's financial results were temporarily inflated due to the COVID-19 pandemic, which created a pull-forward demand for its database services [1] - It is alleged that significant portions of ZoomInfo's customer base were attempting to reduce or abandon their use of the company's products [1] - The company reportedly employed manipulative auto-renew policies and threats of litigation to retain customers against their will [1] - These coercive tactics are said to have damaged customer relationships and created a hidden demand cliff for future contract renewals [1] - As a result of these actions, ZoomInfo's reported revenues, operating income, and customer retention metrics were materially overstated [1] Next Steps for Shareholders - Shareholders who purchased shares during the specified class period are encouraged to register for the class action by November 4, 2024, to potentially be appointed as lead plaintiffs [2] - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [2]