ZoomInfo Technologies (ZI) Investigation:
Hagens Berman is investigating ZoomInfo’s compliance with accounting rules (“GAAP”) governing the reporting of certain tax benefits.
More specifically, on Nov. 9, 2020, ZoomInfo announced that on Nov. 5, 2020 its audit committee of the board of directors concluded the company’s Q2 2020 financial statements filed with the SEC should not be relied on.
ZoomInfo further revealed 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 understated its Q2 2020 net loss by over 38%.
“We’re focused on investors’ losses and whether ZoomInfo intentionally manipulated the GAAP/tax basis differential of certain assets to present a misleading picture of the company’s true financial results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a ZoomInfo investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ZoomInfo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ZI@hbsslaw.com.
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Reed Kathrein, 844-916-0895