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SAN FRANCISCO, June 26, 2020 /PRNewswire/ -- Today, a federal judge established a briefing schedule for the critical issue of class certification in a securities class action against Zuora, Inc. (NYSE: ZUO) and its senior executives, according to attorneys at Hagens Berman, the court-appointed Lead Counsel. To determine their membership in the putative class, Hagens Berman urges Zuora investors to submit their losses now.
On June 26, 2020, Hon. Susan Illston, Senior District Judge of the United States District Court for the Northern District of California, ordered that Lead Plaintiff may move for class certification on Dec. 4, 2020. The motion will be fully briefed by Mar. 5, 2021 and heard on Mar. 26, 2021, according to the court's order. The class certification stage is perhaps the most important phase of the suit. If Lead Plaintiff prevails on the motion, the case will proceed as a collective action, allowing class members to join together for the common goal of recovering their investment losses from Defendants.
Hagens Berman was previously named Lead Counsel in the case, with Steve Berman, managing partner and co-founder of firm, serving as the lead trial counsel.
The action alleges Defendants misrepresented the functionality of Zuora's solution, including the integration of the Company's RevPro software solution with its flagship Billing product. According to the complaint, Defendants knew of Zuora's inability to integrate RevPro successfully with Billing.
The truth emerged on May 30, 2019, when Defendants disclosed the integration failure. On this news, Zuora's share price plummeted 30% in a single trading day.
On Apr. 28, 2020, the court held that investors' complaint sufficiently pled that Defendants' alleged misconduct violates Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In the detailed opinion, the court overruled all of Defendants' challenges to investors' claims.
If you purchased shares of Zuora and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
If you have information regarding Zuora's alleged fraud, Hagens Berman wants to hear from you. Individuals with non-public information regarding Zuora are encouraged to contact the firm by emailing ZUO@hbsslaw.com or by calling 844-916-0895.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP