NEW YORK, NY / ACCESSWIRE / September 16, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: Z) and certain of its officers. The class action, filed in United States District Court, Western District of Washington, Seattle, is on behalf of a class consisting of investors who purchased or otherwise acquired Zillow securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Zillow securities between February 12, 2016, and August 8, 2017, both dates inclusive, you have until October 23, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s co-marketing program did not comply with the Real Estate Settlement Procedures Act; and (ii) as a result of the foregoing, Zillow’ public statements were materially false and misleading at all relevant times.
On August 8, 2017, the Company filed a quarterly report on Form 10-Q with the Securities and Exchange Commission, announcing the Company’s financial and operating results for the quarter ended June 30, 2017.
The quarterly report stated that, in April 2017, Zillow received a Civil Investigative Demand from the CFPB. On August 8, 2017, Zillow advised investors that the CFPB has concluded its investigation and “has invited us to discuss a possible settlement and indicated that it intends to pursue further action if those discussions do not result in a settlement.”
Following this news, Zillow’s share price fell $7.43, or 15.5%, over the following two trading days to close at $40.50 on August 10, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP