Herman Jones LLP is Investigating Claims for Zillow Investors Who May Have Been Harmed by the Company’s Possible False or Misleading Statements Regarding Zillow Offers
A lawsuit, styled Jeremy Jaeger v. Zillow Group, et al. (Case No. 2:21-cv-01551), was filed in federal court in the Western District of Washington against Zillow for violations of the Securities Act of 1934 in relation to statements regarding its Zillow Offers business. According to the Plaintiff’s Corrected Consolidated Class Action Complaint (the “Complaint”), Zillow Group Inc. (“Zillow”) made several false and/or misleading statements to the market on two dates, August 5, 2021 and September 13, 2021. These allegedly false or misleading statements were with regard to: (i) Zillow’s reliance on and improvements to its algorithms in its iBuyer business, Zillow Offers, to determine asking prices for homes purchased through Zillow Offers; (ii) the durability of operational, unit economic and/or renovation process improvements; and (iii) statements attributing the inventory growth of Zillow Offers to consumer demand. According to the Complaint, corrective disclosures regarding the Zillow Offers business shocked market analysis and coincided with a decline in Zillow’s common and capital stock price.
Zillow filed a motion to dismiss the Complaint, alleging that it failed to state a claim upon which relief could be granted. On December 7, 2022, Judge Thomas Zilly denied the motion, except as to ¶192 of the Complaint, which the Court dismissed without prejudice and with leave to amend.
Herman Jones LLP (www.hermanjones.com) is investigating potential claims on behalf of Zillow Group Inc. (NASDAQ: Z) against certain of its officers and directors relating to the allegations set forth in the lawsuit.
IF YOU HAVE CONTINUOUSLY OWNED ZILLOW GROUP INC. SHARES SINCE AUGUST 2021 AND WOULD LIKE TO BE INVOLVED, PLEASE CONTACT HERMAN JONES LLP AT THE CONTACT INFORMATION BELOW.
IF YOU ARE A CURRENT SHAREHOLDER OF ZILLOW GROUP INC. SHARES, AND HAVE CONTINUOUSLY HELD SINCE AT LEAST AUGUST 2021, you may have standing to hold Zillow Group Inc. harmless from the alleged harm caused by the Company’s officers and directors by making them personally responsible. You may also be able to assist in reforming the Company’s corporate governance to assure compliance and prevent future wrongdoing.
IF YOU ARE INTERESTED IN LEARNING MORE ABOUT THE INVESTIGATION, PLEASE CONTACT US AT THE INFORMATION BELOW. IF EMAILING, PLEASE INCLUDE A PHONE NUMBER.
ABOUT HERMAN JONES LLP:
Herman Jones LLP (www.hermanjones.com) is a nationally recognized high stakes litigation law firm with offices in Atlanta, Newark and Seattle. Herman Jones LLP represents individual and institutional investors in shareholder derivative and securities class action lawsuits, in addition to antitrust, intellectual property, consumer class actions and venture fund transactional work. Herman Jones LLP regularly assists clients in recovering losses resulting from violations of federal securities laws. For more information about the firm and its attorneys, please visit https://www.hermanjones.com. Attorney advertising. Past results do not guarantee future outcomes.