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Levi & Korsinsky Notifies Investors with Losses on Their Investment in Zillow, Inc. of Class Action Lawsuit and Deadline of January 28, 2013 to Seek Lead Plaintiff Position


Wednesday, 23 Jan 2013 06:54pm 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. Then on November 5, 2012, Zillow issued a press release announcing its third quarter 2012 financial results and reducing its fourth quarter and full year 2012 revenue guidance that fell below analysts’ estimates. Furthermore, Zillow announced that it had lost a large display advertiser, Foreclosure.com, and therefore defendants expected weakness in the Company’s display advertising business. These disclosures caused Zillow stock to fall $6.22 per share to close at $28.15 per share on November 6, 2012. 

Company Quote

125.26
-0.65 -0.52%
23 Sep 2014