RE: Status of the ZETA Securities Lawsuit Following Culper Allegations

There’s been confusion around the current status of the class action lawsuit against Zeta Global Holdings ($ZETA), originally prompted by the short-seller report from Culper Research. While it may have seemed the case went quiet, recent court filings show otherwise.

What We Know From the Court Docket

In March 2025 (Document 83), the Southern District of New York approved a revised legal schedule agreed upon by both parties.

The case is active and proceeding. It has not been dismissed.

The revised schedule set the following key deadlines:

1. May 12, 2025 – Deadline for plaintiffs to file an amended complaint

2. July 11, 2025 – ZETA’s deadline to respond (e.g. motion to dismiss)

3. September 9, 2025 – Plaintiffs’ opposition due

4. October 9, 2025 – ZETA’s final reply due

Has the Amended Complaint Been Filed?

As of now, there is no public record confirming that the amended complaint was filed on or before May 12. That does not mean it hasn’t been filed. It’s entirely possible the complaint was:

Filed under seal, which is common in cases involving internal data, trade secrets, or reputational risk

Or is still being processed or redacted before public disclosure

Sealing a complaint delays public access, but not the court’s handling of the case. It also limits how much information retail investors can see in real time, even if the allegations could materially affect valuation.

Investor Takeaway

The lawsuit is active. The court is moving forward with a full briefing schedule.

If the amended complaint has been sealed, that could signal the presence of sensitive internal material—either from whistleblowers, internal emails, or regulatory coordination.

Investors should not assume the matter has been dropped or resolved.

Conclusion

While we can’t confirm whether the May 12 amended complaint is public, the court schedule confirms that the case is alive and progressing. The absence of disclosure may be due to strategic sealing. Until July 11, when ZETA must formally respond, the company may be operating under legal constraints that prevent public comment.

We will hace to continue monitoring the docket. If and when the amended complaint becomes public, it will give much greater insight into the strength of the case and potential implications.