SOURCE: Shareholders Foundation
SAN DIEGO, CA--(Marketwire - Dec 3, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in Zillow Inc. (Z) shares over alleged securities laws violations by Zillow Inc. in connection with certain allegedly false and misleading statements concerning its subscribers.
Investors who are current long term stockholders in shares of Zillow Inc. (Z) and / or purchased Zillow shares directly in the Secondary Offering on September 6, 2012, and / or between February 15, 2012 and November 6, 2012, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Zillow Inc. common stock during the period between February 15, 2012 and November 6, 2012, that Zillow Inc. violated the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that defendants allegedly concealed the difficulties Zillow Inc. was having signing up new real estate agents as subscribers and the churn it was experiencing in existing subscribers, and as a result of defendants' allegedly false statements Zillow's stock (Z) traded at artificially inflated prices between February 15, 2012 and November 6, 2012, reaching a high of $46.17 per share on September 20, 2012.
Then on November 5, 2012, Zillow Inc. reported its third quarter 2012 results. Among other things, Zillow Inc. also issued its guidance for the fourth quarter and FY 2012.
Shares of Zillow Inc. declined from as high as $38.20 on November 2, 2012 to as low as $23.05 per share on November 16, 2012.
Those who purchased Zillow shares have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.