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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Zillow Inc


Wednesday, 19 Dec 2012 02:25pm EST 

Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of a class (the Class) comprising all purchasers of the common stock of Zillow, Inc. (Zillow or the Company) between February 15, 2012 and November 6, 2012, inclusive (the Class Period). Zillow provides information related to homes, real estate listings and mortgages for homeowners, buyers, sellers, renters and real estate and mortgage professionals in the United States. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers and/or directors failed to disclose that Zillow was having problems signing up new real estate agents as subscribers, in addition to the declining number of existing subscribers, or "churn," that the Company was experiencing. The Complaint further alleges that during the Class Period -- while Zillow shares were trading at artificially inflated prices -- Company insiders sold more than three million shares of their own Zillow stock, garnering nearly $115 million of proceeds. On November 5, 2012 Zillow announced reduced fourth-quarter and full-year 2012 revenue guidance that was below analysts' estimates. The Company disclosed that it expected weakness in Zillow's display advertising business as a result of its loss of a large display advertiser, Foreclosure.com. 

Company Quote

132.09
-1.27 -0.95%
17 Sep 2014