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SAN FRANCISCO, CA / ACCESSWIRE / April 20, 2020 / Hagens Berman urges investors in Zoom Video Communications, Inc. (ZM) who have suffered losses in excess of $200,000 to submit their losses now. A securities class action was recently filed and certain investors may have valuable claims.
Class Period: Apr. 18, 2019 - Apr. 6, 2020
Lead Plaintiff Deadline: June 8, 2020
Sign Up: www.hbsslaw.com/investor-fraud/ZM
Contact An Attorney Now: ZM@hbsslaw.com
844-916-0895
Zoom Video Communications (ZM) Securities Class Action:
The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed that: (1) Zoom's data privacy and securities measures were inadequate; (2) the company's video communications service was not end-to-end encrypted; and, (3) as a result, users of Zoom's services were at an increased risk of having their personal information accessed by unauthorized parties, including Facebook.
According to the complaint, investors began to learn the truth through a series of partial disclosures occurring between Mar. 30, 2020 and Apr. 6, 2020, when media outlets published reports about the company's deficient security measures and privacy settings.
Most recently, on Apr. 20, 2020, The New York Times reported Zoom's security woes were no secret to business partners like Dropbox. According to the report, over a year ago hackers sponsored by Dropbox uncovered a major security vulnerability in Zoom's software that could have allowed attackers to covertly control certain users' Mac computers. The New York Times reported that "[a]fter Dropbox presented the hackers' findings [...] to Zoom […] it took more than three months for Zoom to fix the bug."
"We're focused on investors' losses and proving Zoom misled investors about the company's security and privacy controls and procedures," said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Zoom 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 ZM@hbsslaw.com.
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