Class Action Lawsuit Filed Against ZoomInfo Technologies for Investors
Introduction to the ZoomInfo Class Action Lawsuit
In recent developments, a class action lawsuit has been filed against ZoomInfo Technologies, Inc. (NASDAQ: ZI) by the prominent law firm Robbins Geller Rudman & Dowd LLP. This lawsuit presents an opportunity for investors who experienced significant losses during a defined class period. With the aim of seeking justice, the firm has urged those who purchased ZoomInfo Class A common stock to step forward and take part in this legal proceeding.
Understanding the Class Period
The class period defined by this lawsuit stretches from November 10, 2020, to August 5, 2024. Investors who bought ZoomInfo's Class A stock within this timeframe may have suffered financial losses linked to claims of misleading statements and operational discrepancies by the company.
Key Allegations Against ZoomInfo
The central allegations in the lawsuit assert that ZoomInfo made a series of false and misleading statements regarding its financial performance and operational integrity. Specifically, it is claimed that the company’s results were artificially inflated amid the unique circumstances created by the COVID-19 pandemic. Investors were misled about the sustainability of growth while important issues regarding customer retention and contract renewals were not disclosed.
The Impact of Allegations on Shareholders
As the lawsuit unfolded, numerous investors grew increasingly concerned about ZoomInfo's financial stability. On various occasions, the company reported declining key performance metrics, such as Net Revenue Retention (NRR), which dipped significantly. Each announcement seemed to drive down the stock price steeply. For example, following the revelation of a drop in the number of customers with annual contracts worth over $100,000, ZoomInfo’s stock experienced a sharp decline of nearly 28%.
Financial Results and Investor Reaction
The most alarming reports detailed significant changes in ZoomInfo's financial guidance, suggesting a troubling trend for current and potential investors. After the company lowered its annual revenue guidance multiple times throughout the last quarters, it became evident that investor confidence was waning. Each announcement appeared to lead to increased scrutiny and further drops in the stock price, culminating in a significant loss of value for investors.
Seeking Lead Plaintiffs
Currently, Robbins Geller is in the process of appointing lead plaintiffs for this class action. The law firm has outlined specific criteria for these lead plaintiffs, indicating that those with the greatest financial stakes in the outcome will be prioritized. This opens a window for eligible investors to take an active role in directing the case and potentially recovering some of their losses.
About Robbins Geller Rudman & Dowd LLP
Robbins Geller is well-known for its focused legal efforts in securities fraud cases. With a rich history of success and a commitment to securing the best outcomes for investors, they are reputed leaders in this arena, having recovered billions for their clients. As the firm pursues this new case against ZoomInfo, the experience and resources available to them will play a crucial role in the legal proceedings.
Contact Information for Interested Investors
For those who wish to learn more about the class action or who feel they may have a claim, Robbins Geller encourages direct communication with their team. Investors can contact attorneys at Robbins Geller by calling their office or reaching out via email. All inquiries are treated with the utmost confidentiality and are geared toward understanding the next steps for potential plaintiffs.
Frequently Asked Questions
What led to the class action lawsuit against ZoomInfo?
The lawsuit arises from allegations that ZoomInfo made misleading statements about its financial results, particularly during the COVID-19 pandemic, impacting investors.
Who can participate in the class action lawsuit?
Investors who purchased ZoomInfo Class A common stock between November 10, 2020, and August 5, 2024, are eligible to participate.
What is the deadline for applying as a lead plaintiff?
Investors interested in becoming lead plaintiffs must do so by November 4, 2024, to be considered in the case.
How can investors contact Robbins Geller for more information?
Investors can reach Robbins Geller via phone at 800-449-4900 or by emailing info@rgrdlaw.com for further inquiries.
What resources are available for affected investors?
Robbins Geller provides comprehensive support and resources to investors involved in the lawsuit, ensuring guidance throughout the legal process.
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