Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Motion as Principal Plaintiff in a Securities Class Action Against Zillow Group, Inc.

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NEW YORK, NY / ACCESSWIRE / November 26, 2021 / Bernstein Liebhard, a nationally recognized investor rights law firm, reminds investors of the deadline to file a principal applicant claim no later than January 18, 2022 in a securities class action lawsuit that was filed on behalf of investors who purchased or acquired securities of Zillow Group, Inc. (“Zillow”) (NASDAQ: Z, ZG) between February 10, 2021 and November 2, 2021 included (the “Recourse Period”). The lawsuit was filed in the United States District Court for the Western District of Washington and alleges violations of the Securities Exchange Act of 1934.

If you Zillow securities purchased or otherwise acquired, and / or would like to discuss your legal rights and options, please visit Zillow Group Inc. shareholder class action lawsuit or contact Joe seidman free of charge at (877) 779-1414 or [email protected].

Zillow is a real estate company that claims to offer customers “an on-demand experience to sell, buy, rent or finance seamlessly”. The company’s “Zillow Deals” business “buys and sells homes directly in dozens of markets across the country, allowing sellers to control their timing.”

According to the complaint, the defendants made false and / or misleading statements and, among other things, did not disclose that: (1) despite operational improvements, Zillow experienced significant unpredictability in forecasting house prices for its Zillow Offers activity; (2) such unpredictability, along with labor and supply shortages, have resulted in backlogs; and (3) as a result of the foregoing, the Company was reasonably likely to terminate its Zillow offerings business, which would have a material adverse impact on its financial results.

On October 18, 2021, the company announced that Zillow Offers was suspending the signing of new contracts until 2021 and would focus on its current inventory, citing “a backlog of renovations and restrictions on operational capacity”. Zillow asserted that “[p]Using new contracts will allow us to focus on sellers already under contract with us and our current home inventory. and Zillow’s Class C share price fell $ 8.97, or 9.4%, to close at $ 86.00 per share on October 18, 2021.

Then, on November 2, 2021, after the market closed, Zillow announced that it would be terminating Zillow Offers because “the unpredictability of home price predictions far exceeds what we expected and continue to push prices forward. Zillow deals would result in too much profit and balance. -sheet volatility. “As a result, Zillow’s third quarter 2021 financial results included” an inventory write-down of approximately $ 304 million in the Homes segment due to the purchase of homes in the third quarter at higher prices. higher than the company’s current estimates of future selling prices. ”In addition,“ the company further expects an additional loss of $ 240-265 million to be recognized in the fourth quarter, primarily on homes it plans to buy in the fourth quarter. ”The“ Allocation is expected to take several quarters and will include a Zillow downsizing of about 25%. ”Zillow’s Class A share price fell 19%. , $ 62, or 23%, to close at $ 65.86 per share on November 3, 2021, on unusually high trading volume. Zillow’s Class C share price fell $ 21.73, or 25%, to close at $ 65.47 per action on November 3, 2021, on an unusually high volume of transactions.

If you wish to act as the principal applicant, you must apply to the Court at the latest January 18, 2022. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent group member.

If you Zillow securities purchased or otherwise acquired, and / or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/zillowgroupinc-z-zg-shareholder-lawsuit-class-action-fraud-stock-457/ or contact Joe seidman free of charge at (877) 779-1414 or [email protected]

Since 1993, Bernstein Liebhard LLP has collected over $ 3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.

LAWYER ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this advertisement in the state of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matter.

Contact details:

Joe seidman
Bernstein Liebhard srl
https://www.bernlieb.com
(877) 779-1414
[email protected]

THE SOURCE: Bernstein Liebhard srl

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