Settled
Elon Musk & Tesla, Inc. Directors
Elon Musk and other directors have filed a settlement with the court to give back $735M in compensation to Tesla, Inc.
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