Zoom has been hit with a class-action lawsuit by one of its shareholders, who alleged the company failed to disclose issues with its video conferencing platform's privacy and security.

According to reports, the suit filed by investor Michael Drieu in the U.S. District Court for the Northern District of California claimed that concerns over Zoom's security and privacy flaws have hit its stock price. Zoom shares had fallen in recent session, but are still up 67% since the start of the year.

Investors have largely viewed the company as a bellwether of the surging demand for enterprise software amid the coronavirus pandemic. Slack and Microsoft's Teams app have both reported wild customer growth as lockdown measures around the world have forced many employees to work from home.

Despite the news of legal action, Zoom stock was up more than 4% on Wednesday morning. Zoom was not immediately available for comment when contacted by CNBC on Wednesday morning.