ZI INVESTOR ALERT: Kirby McInerney LLP Alerts ZoomInfo Technologies Inc. Shareholders of Fast-Approaching in Deadline Class Action Filing

New York, New York--(Newsfile Corp. - October 18, 2024) - The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of those who acquired ZoomInfo Technologies Inc. ("ZoomInfo" or the "Company") (NASDAQ: ZI) securities during the period of November 10, 2023 to August 5, 2024, inclusive ("the Class Period"). Investors have until November 4, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On November 1, 2022, ZoomInfo reported its third quarter 2022 financial results, revealing that increased customer scrutiny during contract renewals negatively affected its performance. This led to a retracement in Net Revenue Retention (NRR) gains from 2021. The company also reported a decline in total Remaining Performance Obligations (RPOs) to $979 million, down from $985 million the previous quarter, and a decline in current RPOs to $757 million, from $764 million. On this news, the price of ZoomInfo Class A common stock fell more than 29%. On November 16, 2022, ZoomInfo disclosed that the scrutiny during contract renewals persisted into the fourth quarter, which would impact its revenue growth for fiscal year 2023. On this news, the price of ZoomInfo shares declined by $12.69 per share, or approximately 29.2%, from $43.50 per share on November 1, 2022, to close at $30.81 on November 2, 2022.

On July 31, 2023, ZoomInfo announced financial results for the second quarter of 2023, revealing that ZoomInfo customers with annual contract values of $100,000 or greater had declined. ZoomInfo reduced its annual revenue guidance from a range of $1.275 billion to $1.285 billion to a range of $1.225 billion to $1.235 billion. On this news, the price of ZoomInfo shares declined by $6.90 per share, or approximately 30%, from $25.57 per share on July 31, 2023, to close at $18.67 on August 1, 2023.

On May 7, 2024, ZoomInfo announced financial results for the first quarter of 2024, disclosing that it had a large pool of small business customers that exhibited weakness during renewals in the period, which had caused NRR to decline to 85% from the 87% reported in the fourth quarter. ZoomInfo further reduced its annual revenue guidance. On this news, the price of ZoomInfo shares declined by $3.88 per share, or approximately 24.2%, from $16.02 per share on May 7, 2024, to close at $12.14 on May 8, 2024.