Ohio State Takes Lead in Class-Action Lawsuit Against ZoomInfo Technologies Inc.

Ohio has taken the lead in a class-action lawsuit against software company ZoomInfo Technologies Inc., according to a statement from the Ohio attorney general’s office. The lawsuit alleges that ZoomInfo misled investors, leading to $75.9 million in losses for two state pension funds, the Ohio Public Employees Retirement System, and the State Teachers Retirement System.

The lawsuit claims that ZoomInfo committed securities fraud by not disclosing a decrease in demand for its product following a temporary revenue increase at the start of the COVID-19 pandemic. Ohio has been appointed as the lead plaintiff in the securities class-action lawsuit against ZoomInfo Technologies Inc.

Previously, on November 13, Attorney General Dave Yost announced that he was filing a motion to have Ohio designated as the lead plaintiff in the lawsuit, which was filed in the U.S. District Court for the Western District of Washington. Yost stated that ZoomInfo misled investors about the interest in its product, resulting in significant losses for Ohio’s pension systems and other investors. The state is seeking accountability for these losses.