An investigation on behalf of investors of ZoomInfo Technologies Inc. (NASDAQ: ZI) shares over potential securities laws violations by ZoomInfo Technologies Inc. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of ZoomInfo Technologies Inc. (NASDAQ: ZI) concerning whether a series of statements by ZoomInfo Technologies Inc. (NASDAQ: ZI regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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.