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Levi & Korsinsky Commences Class Action Lawsuit On Behalf Of Investors Of Zillow Inc


Wednesday, 9 Jan 2013 06:56pm EST 

Levi & Korsinsky announced that a class action lawsuit has been commenced in the USDC for the Western District of Washington on behalf of investors who acquired Zillow Inc stock between February 15, 2012 and November 6, 2012. The complaint alleges that defendants concealed the difficulties Zillow was having signing up new real estate agents as subscribers and the churn it was experiencing in existing subscribers. As a result, Zillow's stock traded at artificially inflated prices during which time Company insiders sold more than 3 million shares of their own Zillow stock for nearly $115 million. The Company then raised $156 million through a follow-on offering in September 2012 just thirty days after assuring investors that the filing of a Form S-3 Registration Statement was not intended for a follow-on offering. 

Company Quote

143.46
0.24 +0.17%
29 Aug 2014