RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Zillow Group, Inc. (NASDAQ: Z) (“Zillow” or the “Company”) securities between February 12, 2016 and August 8, 2017, inclusive (the “Class Period”).
Zillow shareholders may, no later than October 23, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Zillow and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint filed in this class action alleges that throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose adverse information regarding Zillow’s business and outlook, including legal issues with the Company’s co-marketing scheme. Specifically the complaint alleges that: (1) Zillow’s co-marketing program did not comply with the Real Estate Settlement Procedures Act; and (2) as a result, Zillow’s public statements were materially false and misleading at all relevant times.
In April 2017, Zillow received a Civil Investigative Demand from the Consumer Financial Protection Bureau (the ”CFPB”). On August 8, 2017, Zillow revealed that the CFPB has concluded its investigation and has invited Zillow to discuss possible settlement and intends to pursue further action if a settlement cannot be reached. Following this news, Zillow stock dropped $4.34 per share, or over 9%, to close at $43.59 per share on August 9, 2017.
If you are a member of the class, you may, no later than October 23, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.