The Notice was prepared and is being made available to you pursuant to an Order of a U.S. District Court because you or someone in your family or an investment account for which you serve as custodian may have purchased or acquired Zoom common stock or call options on Zoom common stock or sold put options on Zoom common stock between April 18, 2019 and April 6, 2020, inclusive  (the “Class Period”).

The Court in charge of the Action is the United States District Court for the Northern District of California, and the case is known as In re Zoom Securities Litigation, No. 3:20-cv-02353-JD. The case has been assigned to the Honorable James Donato. The individual representing the Class is the Lead Plaintiff, and the company and individual he sued and who have now settled are called the Defendants.

The initial complaint was filed in the Action on April 7, 2020. On November 4, 2020, the Court appointed Adam M. Butt as Lead Plaintiff and approved his selection of Robbins Geller Rudman & Dowd LLP as Lead Counsel.

More information about the underlying litigation can be found in the Notice.

The Court has not decided in favor of Defendants or the Lead Plaintiff. Instead, both sides agreed to the Settlement to avoid the distraction, costs, and risks of further litigation, and Lead Plaintiff agreed to the Settlement in order to ensure that Class Members will receive compensation.

The Court directed that everyone who fits this description is a Class Member: All Persons that purchased or otherwise acquired Zoom common stock or call options on Zoom common stock or sold put options on Zoom common stock between April 18, 2019 and April 6, 2020, inclusive, except those Persons and entities that are excluded.

Excluded from the Class are Defendants and their families, the officers and directors of Zoom during the Class Period, members of their immediate families, and their legal representatives, heirs, successors or assigns, and any firm, trust, corporation, partnership, or other entity in which any Defendant has or had a controlling interest. Also excluded from the Class are those Persons who timely and validly exclude themselves therefrom by submitting a request for exclusion in accordance with the requirements set forth in question 11 below.

Please Note: Receipt of the Notice or Summary Notice does not mean that you are a Class Member or that you will be entitled to receive a payment from the Settlement. If you are a Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Proof of Claim and the required supporting documentation on or before September 16, 2025.

If you are still not sure whether you are included, you can ask for free help. You can contact the Claims Administrator toll-free at 888-710-2846, or you can fill out and return the Proof of Claim, to see if you qualify.

The Settlement provides that, in exchange for the release of the Released Claims (as defined in the Notice and Stipulation) and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) $150 million in cash to be distributed after taxes, tax expenses, notice and claims administration expenses, and approved fees and expenses, pro rata, to Class Members who send in a valid Proof of Claim pursuant to the Court-approved Plan of Allocation. 

Your share of the Net Settlement Fund will depend on several things, including the total value of Zoom Securities represented by the valid Proofs of Claim that Class Members send in, compared to the value of your claim, all as calculated under the Plan of Allocation discussed on pages 8 - 11 of the Notice.

To be eligible to receive a payment from the Settlement, you must submit a Proof of Claim. A Proof of Claim may be downloaded here. Read the instructions carefully, fill out the Proof of Claim, include all the documents the form asks for, sign it, and mail (to Zoom Securities Settlement, c/o Gilardi & Co. LLC, P.O.
Box 301133, Los Angeles, CA 90030-1133) or submit it online here so that it is postmarked or received no later than September 16, 2025.

The Court will hold a Settlement Hearing on October 9, 2025, at 10:00 a.m., to decide whether to approve the Settlement. If the Court approves the Settlement, there might be appeals. It is always uncertain whether appeals can be resolved, and if so, how long it would take to resolve them. It also takes time for all the Proofs of Claim to be processed. Please be patient.

Unless you timely and validly exclude yourself, you are staying in the Class, and that means you cannot sue, continue to sue, or be part of any other lawsuit against Defendants or their “Related Persons” about the Released Claims in this case.  It also means that all of the Court's orders will apply to you and legally bind you.

To exclude yourself from the Class and the Settlement, you must send a letter by First-Class Mail stating that you “request exclusion from the Class in the Zoom Securities Settlement.” Your letter must include the number and type of Zoom Securities that you (i) owned as of the opening of trading on April 18, 2019, and (ii) purchased, otherwise acquired, and/or sold during the Class Period, including the number of shares, dates, and prices for each such purchase, other acquisition, and sale. In addition, you must include your name, address, telephone number, and your signature. You must submit your exclusion request so that it is postmarked no later than September 18, 2025 to:

If you ask to be excluded, you will not get any payment from the Settlement, and you cannot object to the Settlement. You will not be legally bound by anything that happens in this lawsuit, and you may be able to sue the Defendants and the other Released Defendant Parties about the Released Claims in the future.

No. Unless you exclude yourself, you give up any rights you may potentially have to sue the Defendants and the other Released Defendant Parties for any and all Released Claims. If you have a pending lawsuit against the Released Defendant Parties, speak to your lawyer in that case immediately. You must exclude yourself from the Class in this Action to continue your own lawsuit. Remember, the exclusion deadline is September 18, 2025 .

No. If you exclude yourself, you should not send in a Proof of Claim to ask for any money. But you may have the right to potentially sue or be part of a different lawsuit against the Defendants and the other Released Defendant Parties.

The Court ordered that the law firm of Robbins Geller Rudman & Dowd LLP represent the Class Members, including you. These lawyers are called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

Lead Counsel will apply to the Court for an award of attorneys’ fees not to exceed eighteen and three-quarters percent (18.75%) of the Settlement Amount and for expenses, costs and charges in an amount not to exceed $400,000 in connection with prosecuting the Action, plus interest on such fees and expenses at the same rate as earned by the Settlement Fund. Lead Plaintiff may seek up to $48,750 for his time and expenses incurred in representing the Class pursuant to 15 U.S.C. §78u-4(a)(4). Such sums as may be approved by the Court will be paid from the Settlement Fund.

If you are a Class Member, you can comment on or object to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s fee and expense application. You can ask the Court to deny approval by filing an objection. You can’t ask the Court to order a different settlement; the Court can only approve or reject the Settlement. If the Court denies approval, no settlement payments will be sent out, and the lawsuit will continue. If that is what you want to happen, you should object. You can write to the Court setting out your comment or objection. The Court will consider your views. All written objections and supporting papers must: (i) clearly identify the case name and number (In re Zoom Securities Litigation, No. 3:20-cv-02353-JD); (ii) be submitted to the Court either by mailing them to the Clerk of the Court, United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102, or by filing them in person at any location of the United States District Court for the Northern District of California; and (iii) be filed or postmarked on or before September 18, 2025. Include your name, address, telephone number, and your signature (even if you are represented by counsel), including the number and type of Zoom Securities you: (a) owned as of the opening of trading on April 18, 2019; and (b) purchased, otherwise acquired, and/or sold during the Class Period, as well as the dates and prices for each such purchase, other acquisition or sale, and state with specificity your comments or the reasons why you object to the proposed Settlement, Plan of Allocation, and/or fee and expense application, including any legal and evidentiary support for such objection. Any objection must state whether it applies only to the objector, to a specific subset of the Class, or to the entire Class. You must also identify all other class action settlements in which you or your counsel have filed objections in the past five years. You must also include copies of documents demonstrating all of your purchase(s), acquisitions, and/or sale(s) of Zoom Securities during the Class Period.

Objecting is simply telling the Court that you do not like something about the Settlement. You can object only if you stay in the Class.

Excluding yourself is telling the Court that you do not want to recover money from the Settlement and do not want to release any claims you think you may have against Defendants and their Related Persons. If you exclude yourself, you cannot object to the Settlement because it does not affect you.

The Court will hold a Settlement Hearing at 10:00 a.m., on October 9, 2025, in the Courtroom of the Honorable James Donato, at the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, Courtroom 11, 19th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102. At the hearing, the Court will consider whether the Settlement and the Plan of Allocation are fair, reasonable, and adequate. If there are objections, the Court will consider them, even if you do not ask to speak at the hearing. The Court will listen to people who have asked to speak at the hearing. The Court may also decide how much Lead Counsel will be paid and how much Lead Plaintiff will be awarded pursuant to 15 U.S.C. §78u-4(a)(4). After the Settlement Hearing, the Court will decide whether to approve the Settlement and the Plan of Allocation. We do not know how long these decisions will take. You should be aware that the Court may change the date and time of the Settlement Hearing without another notice being sent to Class Members. If you want to attend the hearing, you should check with Lead Counsel or this website beforehand to be sure that the date and/or time has not changed.

No. Lead Counsel will answer any questions the Court may have. But, you are welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as you mailed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary. Class Members do not need to appear at the hearing or take any other action to indicate their approval.

If you object to the Settlement, the Plan of Allocation, and/or the fee and expense application, you may ask the Court for permission to speak at the Settlement Hearing. To do so, you must include with your objection (see question 16 above) a statement saying that it is your “Notice of Intention to Appear in the Zoom Securities Settlement.” Persons who intend to object to the Settlement, the Plan of Allocation, and/or any awards to Lead Counsel or Lead Plaintiff and desire to present evidence at the Settlement Hearing must include in their written objections the identity of any witnesses they may call to testify and any exhibits they intend to introduce into evidence at the Settlement Hearing. Your notice of intention to appear must be filed or postmarked no later than September 18, 2025.

If you do nothing, you will not receive any money from this Settlement. In addition, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Related Persons about the Released Claims in this case.

For even more detailed information concerning the matters involved in this Action, you can obtain answers to common questions regarding the proposed Settlement by contacting the Claims Administrator toll-free at 888-710-2846. Reference is also made to the Settlement Agreement, to the pleadings in support of the Settlement, to the Orders entered by the Court, and to the other Settlement related papers filed in the Action, which are posted on this website. You may also access the Court docket in this case, for a fee, through the Court’s Public Access to Court Electronic Records (PACER) system at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays.

Please read the Notice and the Class definition carefully and decide whether you wish to submit a Proof of Claim. If you are still not certain of eligibility and want for us to determine eligibility, you will need to submit a Proof of Claim along with supporting documentation for your transactions.

The Plan of Allocation, discussed on pages 8-11 of the Notice, explains how the Net Settlement Fund will be allocated among Authorized Claimants and how claimants’ Recognized Loss will be calculated.  A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s allowed claim amount as compared to the total allowed claims of all Class Members who submit acceptable Proofs of Claim.

We administer the notice process under the direction of the presiding Court and counsel. In some cases, we are directed to provide CUSIP numbers for the securities involved in the matter. In other cases, we are not authorized or directed to provide the CUSIP numbers. In this case, we are unable to provide the CUSIP for Zoom common stock.

The determination regarding CUSIP numbers is made on a case-by-case basis by counsel and the Court and is not a matter decided by the Claims Administrator.

We do not hold stock records here. Gilardi is a third-party administrator appointed by the Court to notify potential claimants. We are provided with names and addresses of potential claimants in order to notify individuals of settlements but do not have access to your private investment records.

Sufficient documentation will provide proof of all the transaction information required by the Proof of Claim. Suggested forms of documentation include, but are not limited to, photocopies of stockbrokers' confirmation slips or stockbrokers' monthly statements reflecting your transactions, opening and closing balances for the months specified on the Proof of Claim, and in which transactions during the relevant period occurred.

Stock certificates are not considered a sufficient form of documentation as they do not provide the necessary trade date and transaction price information. We are also unable to accept handwritten documents, self-prepared tax forms or spreadsheets, or statements that are illegible due to document quality.

To prove the requested holdings, third party monthly statements such as a brokerage statement that covers the holding dates and shows the number of shares of Zoom common stock held as of those dates would be considered sufficient.

Email is not an acceptable submission method and claims submitted via email will not be reviewed for eligibility. As indicated in the general instructions for the Proof of Claim, you must submit your claim online via this website or by postal mail. To submit your Proof of Claim by mail, mail your completed and signed Proof of Claim to the following address:

Zoom Securities Settlement
c/o Gilardi & Co. LLC
P.O. Box 301133
Los Angeles, CA 90030-1133

To submit your Proof of Claim online, use the link under the header “Submit Your Claim Form Online" on the File Claim page.

We cannot advise you as to whether you should choose to submit a claim, exclusion, or objection.

Unless you timely and validly exclude yourself, you are staying in the Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against the Defendants or any other Released Defendant Parties regarding the legal claims in this case. It also means that you will be bound by the terms of the Stipulation and any Judgment entered, including the releases set forth therein.

If you do not submit a Proof of Claim, you will not receive any money from this Settlement but will still be part of the Class and subject to applicable releases.

Separate Proofs of Claim should be submitted for each separate legal entity (e.g., a claim from joint owners should not include the transactions of just one of the joint owners, and an individual should not combine his or her IRA transactions with transactions made solely in the individual’s name).

However, a single Proof of Claim should be submitted on behalf of one legal entity that includes all transactions made by that entity, no matter how many separate accounts that entity has (e.g., a corporation with multiple brokerage accounts should include all transactions made in all accounts on one Proof of Claim).

When filing on behalf of a deceased beneficial owner or their estate, you can submit a claim in the name of the individual, or, if an estate exists, you can submit on behalf of the estate. Note that any settlement proceeds will be made payable to the estate if that is how you submit that claim.

The claim submission should include a copy of the death certificate as well as proof of authority to file. As you are submitting a Proof of Claim as a representative on behalf of someone else (e.g., as an executor, administrator, trustee or other representative), you must document your authority to file on their (or their estate’s) behalf. Proof of authority can include a copy of the Last Will and Testament, Letters Testamentary, evidence of probate, proof of authority as executor or beneficiary and/or any other testamentary provisions of the deceased person. Do not send originals as any documents submitted with your claim will not be returned.

Depending on whether you submit on behalf of the individual on behalf of the estate, please provide the appropriate tax identification number or last four digits of the social security number and sign the Proof of Claim.

The claim must be submitted for the benefit of the actual beneficial owner/purchaser of the shares or their estate. Do not submit the Proof of Claim in the name of the deceased person’s family or other heirs. We must issue the check to the actual beneficial owner/purchaser of the shares. We cannot issue any applicable check in the name of the deceased person’s family, beneficiaries or other heirs.

If you have any corrections or changes of name or address, please send them via email to the Claims Administrator at [email protected] or by mail to Zoom Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 301133, Los Angeles, CA  90030-1133.