ZoomInfo Technologies (ZI) Under Fire for Alleged Investor Fraud - Hagens Berman

Core Viewpoint - A class action lawsuit has been filed against ZoomInfo Technologies, Inc. and its senior executives, alleging misleading statements regarding the company's financial health and customer base [1][3]. Group 1: Lawsuit Details - The class period for the lawsuit is from November 10, 2020, to August 5, 2024, with a lead plaintiff deadline set for November 4, 2024 [2]. - The lawsuit seeks to represent purchasers of ZoomInfo Class A common stock during the specified class period [2]. Group 2: Allegations Against ZoomInfo - The lawsuit claims that ZoomInfo made false or misleading statements about its financial performance, customer retention, and revenue growth [3]. - Specific allegations include: - Overstating revenue and customer metrics due to the temporary demand increase during the COVID-19 pandemic [3]. - A significant portion of the customer base allegedly attempting to reduce or discontinue their use of ZoomInfo's products [3]. - Accusations of coercive retention tactics to force customers into renewing contracts [3]. - The creation of a hidden demand cliff that could lead to decreased future revenue as contracts expire [3]. Group 3: Stock Price Impact - The lawsuit highlights instances where ZoomInfo's stock price declined following revelations about its financial challenges and customer dissatisfaction, particularly in November 2022, July 2023, and May and August 2024 [4]. Group 4: Investigation and Whistleblower Information - Hagens Berman has initiated an investigation based on the allegations, expressing concerns over discrepancies between ZoomInfo's public statements and its actual financial performance [5]. - Whistleblowers with non-public information regarding ZoomInfo are encouraged to assist in the investigation, with potential rewards under the SEC Whistleblower program [5].