Zuora Inc. investors may pursue as a class their allegations that the company misled them about problems integrating a new product, a federal judge in California said.
Investors accused the software company of giving them the false impression that its products were working together properly when Zuora was actually still facing integration issues. They won their bid for class certification in the U.S. District Court for the Northern District of California.
The class includes anyone who acquired Zuora’s publicly traded common stock from April 12, 2018, to May 30, 2019, and suffered damages, Judge Susan Illston’s five-paragraph order said Monday. The company filed a statement of non-opposition to the December class certification motion in February.
Illston appointed lead plaintiff New Zealand Methodist Trust Association as class representative. The judge also approved Hagens Berman Sobol Shapiro LLP, previously lead counsel to the proposed class, as class counsel.
Wilmer Cutler Pickering Hale & Dorr LLP represents Zuora.
The case is Roberts v. Zuora Inc., N.D. Cal., No. 3:19-cv-03422, class certified 3/15/21.
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