NEW YORK, NY / ACCESSWIRE / September 19, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against ZoomInfo Technologies, Inc. ("ZoomInfo" or the "Company") (NASDAQ:ZI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether ZoomInfo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until November 4, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired ZoomInfo securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 5, 2024, ZoomInfo issued a press release announcing its financial results for the second quarter of 2024. Among other items, ZoomInfo reported adjusted earnings per share of $0.17, falling short of the $0.24 analyst consensus, as well as a year-over-year revenue decline of 6% to $291.5 million, below the expected $307.68 million. The Company revealed that it was incurring a $33 million charge related to non-payments by its customers, implementing a "new business risk model" to address elevated write-offs. During the corresponding conference call, ZoomInfo further revealed that the $33 million charge incurred in the quarter related to revenues that had been previously recognized in 2023, casting doubt on tens of millions of dollars of prior revenues as well as the legitimacy and quality of potentially thousands of ZoomInfo's customers. In a separate press release, ZoomInfo also announced that its Chief Financial Officer Cameron Hyzer would depart from that role effective September 6, 2024.
On this news, ZoomInfo's stock price fell $1.79 per share, or 18.27%, to close at $8.01 per share on August 6, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP