NEW YORK, April 07, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Zoom Video Communications, Inc. (“Zoom” or the “Company”) (NYSE: ZM). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Zoom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around April 18, 2019, Zoom conducted its initial public offering (“IPO”), selling 9.91 million shares priced at $46 per share. Then, on March 31, 2020, The Intercept reported that Zoom’s video conferencing software is not in fact, end-to-end encrypted between meeting participants, contrary to the Company’s suggestion. Then, on April 1, 2020, post-market, citing the review of an internal memo, Reuters reported that Space Exploration Technologies Corp. (“SpaceX”) had banned its employees from using Zoom’s video conferencing software, due to “significant privacy and security concerns.”
Between March 30 and April 2, 2020, Zoom’s stock price fell $28.95 per share, or 19.19%, to close at $121.93 per share on April 2, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
