NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ:Z) of the October 23, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Zillow stock or options between February 12, 2016 and August 8, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/Z. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Zillow securities between February 12, 2016 and August 8, 2017 (the “Class Period”). The case, Stephen Vargosko v. Zillow Group, Inc. et al, No. 2:17-cv-06207 was filed on August 22, 2017, and has been assigned to Judge Fernando Manzano Olguin.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that the Company’s co-marketing program did not comply with the Real Estate Settlement Procedures Act.
Specifically, on August 8, 2017, the Company filed a Form 10-Q with the Securities and Exchange Commission disclosing, in part, that the Consumer Financial Protection Bureau (“CFPB”) had concluded its investigation into the Company relating to alleged violations of the Real Estate Settlement Procedures Act and the Consumer Financial Protection Act, following a Civil Investigative Demand sent by the CFPB in April 2017. Additionally, the Company revealed that it had been invited by the CFPB to discuss a possible settlement, and that the CFPB intends to pursue further action against the Company if those discussions do not result in a settlement.
On this news, Zillow’s share price fell from $47.93 per share on August 8, 2017 to a closing price of $40.50 on August 10, 2017—a $7.43 or a 15.5% drop over two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Zillow’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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