As expected, Zoom has problems. Yesterday, one of the company's shareholders filed a lawsuit in the US for "overestimating privacy standards and hiding the fact that its service was not end-to-end encrypted."
According to one Publication of Reuters, the shareholder Michael Drieu stated in court that the latest revelations from the media informations around these privacy issues began to trouble the company's stock.
Through a general chaos in the market brought by his pandemic COVID-19, the share price for Zoom Video, the company behind the app, rose from about $ 70 at the beginning of the year to $ 159,56 on March 23.
Last week, after several reports highlighted the app's security holes, Zoom CEO Eric Yuan apologized for the Mistakes the company's. He also stated that the company will stop developing new features the next 90 days to focus on security and privacy.
One of the main issues that has made the application weird is "Zoombombing", a practice used by pranksters to enter meetings, displaying pornographic material.
Last month, the FBI released a warning asking people not to use the platform.
A lot Companies and organizations have banned the Zoom app. SpaceX sent an internal document to its employees asking them not to use the app for internal meetings. Earlier this week, New York stopped using the app in classrooms. THE Ταϊβάν also does not allow government officials to use the platform.
This lawsuit shows that those involved have lost confidence in how the company operates, and it will probably be very difficult for the popular app to rebuild things.
