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Z, ZG CLASS ACTION NOTICE: Glancy Prongay & Murray LLP sues Zillow Group, Inc. for securities fraud.


LOS ANGELES–(COMMERCIAL THREAD) –Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Western District of Washington in Seattle, captioned Barua v. Zillow Group, Inc., et al. (Case No. 21-cv-01551) on behalf of the persons and entities who have purchased or otherwise acquired Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: Z, ZG) titles between February 10, 2021 and November 2, 2021, inclusive (the “Class Period”). The plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby informed that they have 60 days from this notice to propose to the Court to act as principal plaintiff in this action.

If you have suffered a loss on your Zillow investments or would like to inquire about the possibility of pursuing claims to recover your loss under federal securities laws, you can submit your details to www.glancylaw.com/cases/zillow-group-inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] or visit our website at www.glancylaw.com to find out more about your rights.

On October 18, 2021, the company announced that Zillow Offers was suspending the signing of new contracts until 2021 and would focus on its current inventory, citing “a backlog of renovations and restrictions on operational capacity”. Zillow asserted that “[p]Using new contracts will allow us to focus on sellers already under contract with us and our current home inventory.

On this news, Zillow’s Class A share price fell $ 8.84, or 9.4%, to close at $ 85.46 per share on October 18, 2021, and the share price Zillow’s Class C fell $ 8.97, or 9.4%, to close at $ 86.00 per share on Oct. 18. , 2021, on unusually high trading volume.

Then, on November 2, 2021, Zillow announced that it was ending Zillow Offers because “the unpredictability of home price predictions far exceeds what we expected and continuing to scale Zillow Offers would result in too much profit. and balance sheet volatility “. As a result, the third quarter 2021 financial results included an inventory write-down of $ 304 million, and the company further expected that “an additional $ 240 million to $ 265 million in losses will be recognized in the fourth quarter. “.

Following this news, Zillow’s Class A share price fell $ 19.62 or 23%, to close at $ 65.86 per share on November 3, 2021, hurting investors. Zillow’s Class C share price fell $ 21.73, or 25%, to close at $ 65.47 per share on November 3, 2021, on unusually high trading volume.

The complaint filed in this class action alleges that throughout the class action period, the defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects. of the society. Specifically, the Defendants failed to disclose to investors: (1) that, despite operational improvements, the Company experienced significant unpredictability in forecasting house prices for its Zillow Offers business; (2) such unpredictability, along with labor and supply shortages, has resulted in backlogs; (3) that due to the foregoing, the Company was reasonably likely to terminate its Zillow offerings, which would have a material negative impact on its financial results; and (4) that due to the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.

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If you have purchased or otherwise acquired the securities of Zillow during the Recourse Period, you may apply to the Court no later than 60 days from this notice ask the Court to appoint you as the principal applicant. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.

This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.