The Complaint follows a Section 220 Demand Letter (the “Demand”) served Defendant and Tien Tzuo (“Tzuo”), Zuora’s Chief Executive Officer (“CEO”) and Chairman of the Company’s Board of Directors (the “Board”), requesting Plaintiff be permitted to inspect books and records from meetings of the Board, dating from no earlier than May 1, 2017, relating to materially false and misleading statements the Company and its executives made about the functionality and compatibility of Zuora’s platform.
The initial Demand and the present Complaint are related to stockholder interests as public information about Zuora and its directors’ materially false and misleading statements – including, for instance, a recent holding in a related securities class action “that defendants’ statements would give a reasonable investor the impression of a state of affairs that differs in a material way from the one that actually exists” and seeks additional information regarding that wrongdoing and the separate but related purpose of investigating the independence of each of the Company’s directors and officers.
A copy of the complaint can be viewed here:
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