NEW YORK–(BUSINESS WIRE)–Labaton Sucharow LLP, a leading and award winning investor rights law firm, announces it is developing a proprietary investigation concerning potential securities claims on behalf of shareholders of Zoom Video Communications, Inc. (Ticker: ZM) resulting from allegations that Zoom may have issued materially misleading business information to the investing public.
Zoom provides a video-first communications platform that connects people through video, phone, chat, and content sharing and enables face-to-face video experiences for thousands of people in a single meeting across disparate devices and locations.
On March 26, 2020, the online news magazine Motherboard reported that “[w]hat the company and its privacy policy don’t make clear is that the iOS version of the Zoom app is sending some analytics data to Facebook, even if Zoom users don’t have a Facebook account, according to a Motherboard analysis of the app.”
On March 30, 2020, news sources reported that the New York Attorney General’s office issued a letter citing “concern[s] that Zoom’s existing security practices might not be sufficient to adapt to the recent and sudden surge in both the volume and sensitivity of data being passed through its network. . . . While Zoom has remediated specific reported security vulnerabilities, we would like to understand whether Zoom has undertaken a broader review of its security practices.”
On this news, Zoom stock fell $9.12 or 6.24%, followed by additional selling in after-hours trading.
If you are a shareholder or option holder that suffered losses in Zoom, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll free number (800) 321-0476 or via email at dschwartz@labaton.com or recover@labaton.com.
About the Firm
Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.
Contacts
David Schwartz
Phone: (800) 321-0476
Email: dschwartz@labaton.com or recover@labaton.com
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