Ohio has been appointed as the lead plaintiff in a securities class-action lawsuit against ZoomInfo Technologies Inc. The software company is accused of misleading investors, resulting in $75.9 million in losses for two state pension funds.
Attorney General Yost filed a motion on November 4th seeking lead-plaintiff status for Ohio. This was done on behalf of the Ohio Public Employees Retirement System and the State Teachers Retirement System. The lawsuit alleges that ZoomInfo engaged in securities fraud by hiding a decline in demand for its product after an initial revenue increase during the COVID-19 pandemic.
U.S. District Judge Tiffany M. Cartwright ruled late last week in favor of Ohio’s motion.
