San Diego, CA -- (ReleaseWire) -- 12/10/2012 -- An investors in shares of Zillow Inc (NASDAQ:Z) filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged securities laws violations by Zillow Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Zillow Inc (NASDAQ:Z) between February 15, 2012 and November 6, 2012, have certain options and there are short and strict deadlines running. Deadline: Jan. 28, 2013. NASDAQ:Z stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Zillow Inc (NASDAQ:Z) common stock during the period between February 15, 2012 and November 6, 2012, that Zillow Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 15, 2012 and November 6, 2012allegedly materially false and misleading statements regarding the Company's business practices and financial results.
More specifically, the plaintiff alleges that defendants allegedly concealed the difficulties Zillow Inc. was having signing up new real estate agents as subscribers and the churn it was experiencing in existing subscribers, and as a result of defendants' allegedly false statements, Zillow's stock (NASDAQ:Z) traded at artificially inflated prices between February 15, 2012 and November 6, 2012, reaching a high of $46.17 per share on September 20, 2012.
Then on November 5, 2012, Zillow Inc reported its third quarter 2012 results. Among other things, Zillow Inc also issued its guidance for the fourth quarter and FY 2012.
Shares of Zillow Inc (NASDAQ:Z) declined from as high as $38.20 on November 2, 2012 to as low as $23.36 per share on November 15, 2012.
On Dec. 7, 2012, NASDAQ:Z shares closed at $27.69 per share.
Those who purchased shares of Zillow Inc (NASDAQ:Z) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego