ClaimsFiler, a FREE shareholder information service, reminds investors with losses in excess of $100,000 that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Zillow Group, Inc, if they purchased the Company’s securities between February 10, 2021 and November 2, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of Washington.
Zillow investors should visit us at https://claimsfiler.com/cases/nasdaq-z-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Zillow and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 2, 2021, the Company disclosed that it would wind-down its homebuying and selling business, Zillow Offers, because “the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” as well as a workforce reduction of 25%, and a write-down of inventory of approximately $304 million, among other things.
On this news, Zillow’s shares plummeted $19.62 or 23% to close at $65.86 per share on November 3, 2021, on unusually heavy trading volume, while Zillow’s Class C share price fell $21.73, or 25%, to close at $65.47 per share on November 3, 2021, on unusually heavy trading volume.
The case is Barua v. Zillow Group, Inc., et al., 21-cv-01551.
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