SEATTLE -- (BUSINESS WIRE) -- Securities law firm Hagens Berman Sobol Shapiro, LLP (“Hagens Berman”), today announced the filing of a class-action securities lawsuit against Zillow, Inc. (NASDAQ:Z) (“Zillow”) on behalf of a proposed class of investors who purchased Zillow stock during the period from Feb. 15, 2012, to Nov. 6, 2012 (the “Class Period”), inclusive.
Shareholders who purchased or otherwise acquired Zillow common stock during the Class Period are encouraged to contact Hagens Berman attorney Karl Barth at 206-623-7292 or to contact the Hagens Berman legal team through e-mail at Zillow@hbsslaw.com to discuss their legal rights. Investors can also contact Mr. Barth by visiting www.hb-securities.com/cases/Zillow.
Investors who wish to serve as lead plaintiff in the case must move the court no later than Jan. 28, 2013. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Class members need not seek to become a lead plaintiff in order to share in any possible recovery.
Hagens Berman’s lawsuit, filed Nov. 29, 2012, in the United States District Court for the Western District of Washington, alleges that Zillow and certain of its officers violated the Securities Exchange Act of 1934.
On Nov. 5, 2012, Zillow announced its third quarter, 2012, financial results and reduced guidance for the fourth quarter and the full 2012 year. On the news, Zillow’s stock price fell nearly 18 percent, closing at $28.15 per share.
The complaint alleges that the defendants issued false and misleading statements to investors during the Class Period, causing the company’s stock to trade at an artificially high level. It claims the company misled investors regarding issues the company was having in signing up new real estate agents as subscribers, among other issues.
The complaint further alleges that company insiders sold 3.1 million shares of Zillow stock for nearly $115 million while the stock traded at an artificially high price.
The plaintiff in the case seeks to recover damages on behalf of the class and is represented by Hagens Berman Sobol Shapiro, LLP. Hagens Berman is a nationwide investor-protection law firm, with many years of experience prosecuting investor class actions and actions involving financial fraud.
For more information about Hagens Berman Sobol Shapiro, LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.hb-securities.com/cases/Zillow.
Seattle-based Hagens Berman Sobol Shapiro, LLP, is one of the top class-action law firms in the nation, with offices in ten cities across the country. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com. The firm’s securities practice is located at www.hb-securities.com.