The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Zillow Group, Inc. (NASDAQ: Z) who purchased shares between February 10, 2021 and November 2, 2021. The action, which was filed in the United States District Court for the Western District of Washington, alleges that the Company violated federal securities laws.
In particular, the Zillow lawsuit alleges that (1) despite operational improvements, the Company experienced significant unpredictability in forecasting home prices for its Zillow Offers business; (2) such unpredictability, as well as labor and supply shortages, led to a backlog of inventory; (3) 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) 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.
Shareholders have until January 18, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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