Initial Lawsuit
Plaintiff brings this securities class action on behalf of persons and entities that purchased or otherwise acquired Zillow securities between February 10, 2021 and November 2, 2021, inclusive.
- Filing Date
11/16/2021 - Class Period
02/10/2021 to 11/02/2021 - Transgression
Securities Violation - Filing Firms
Glancy Prongay & Murray LLP
Rossi Vucinovich, P.C. - Case Title
Barua v. Zillow Group, Inc. - Docket Number
2:21-cv-01551 - Court
Washington Western District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that, despite operational improvements, the company experienced significant unpredictability in forecasting home prices for its Zillow Offers business;
(2) that such unpredictability, as well as labor and supply shortages, led to a backlog of inventory;
(3) that, as a result of the foregoing, the company was reasonably likely to wind-down its Zillow Offers business, which would have a material adverse impact on its financial results; and
(4) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Defendants
- Company
Zillow Group, Inc. - Chief Executive Officer
Richard Barton - Chief Financial Officer
Allen Parker - Chief (Other)
Jeremy Wacksman
