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Investigation announced for Investors in ZoomInfo Technologies Inc. (NASDAQ: ZI) over potential Wrongdoing

01-12-2021 04:13 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in ZoomInfo Technologies Inc. (NASDAQ: ZI) shares over potential wrongdoing at ZoomInfo.

An investigation on behalf of investors in ZoomInfo Technologies Inc. (NASDAQ: ZI) shares over potential wrongdoing at ZoomInfo.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at ZoomInfo Technologies Inc.

Investors who purchased shares of ZoomInfo Technologies Inc. (NASDAQ: ZI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain ZoomInfo Technologies directors breached their fiduciary duties and caused damage to the company and its shareholders.

Vancouver, WA based ZoomInfo Technologies Inc. operates cloud-based go-to-market intelligence platform for sales and marketing teams worldwide. ZoomInfo Technologies Inc. reported that its annual Total Revenue rose from $144.3 million in 2018 to $293.3 million in 2019 and that its EBIT declined from $26.7 million in 2018 to $17.9 million in 2019.

On November 9, 2020, ZoomInfo Technologies Inc. announced that on November 5, 2020, the audit committee of the Company's board of directors concluded that ZoomInfo's Q2 2020 financial statements filed with the U.S. Securities and Exchange Commission should not be relied on. ZoomInfo Technologies Inc. further disclosed that it would restate those results because it improperly recorded a $21.6 million tax benefit related to the GAAP basis and tax basis of partnerships owned by corporations within ZoomInfo's corporate structure. As a result of this improper accounting, ZoomInfo Technologies Inc. understated its Q2 2020 net loss by over 38%.

Shares of ZoomInfo Technologies Inc. (NASDAQ: ZI) declined to $37.00 per share on November 10, 2020.

Those who purchased shares of ZoomInfo Technologies Inc. (NASDAQ: ZI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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