Ohio to Lead Class-Action Lawsuit Against Software Company Blamed for $75.9M in Pension-Fund Losses
NOTE TO NEWS MEDIA:
This press release updates a Nov. 13 release regarding a motion filed by Attorney General Yost.
(COLUMBUS, Ohio) — A federal judge has appointed Ohio as lead plaintiff in a securities class-action lawsuit against ZoomInfo Technologies Inc., a software company accused of deliberately misleading investors, fueling $75.9 million in losses for two state pension funds.
In a motion filed on Nov. 4 in the U.S. District Court for the Western District of Washington, Yost sought the lead-plaintiff status on behalf of the Ohio Public Employees Retirement System and the State Teachers Retirement System. The lawsuit accuses ZoomInfo of committing securities fraud by concealing a slowing demand for its product after a temporary revenue boost early in the COVID-19 pandemic.
Late last week, U.S. District Judge Tiffany M. Cartwright ruled in Ohio’s favor.
MEDIA CONTACT:
Dominic Binkley: 614-728-4127
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