LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of a class (the “Class”) comprising all purchasers of the common stock of Zillow, Inc. (“Zillow” or the “Company”) (NASDAQ:Z) between February 15, 2012 and November 6, 2012, inclusive (the “Class Period”).
Zillow, through its websites and mobile applications, provides information related to homes, real estate listings and mortgages, which enable homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals in the United States. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers and/or directors failed to disclose that Zillow was having problems signing up new real estate agents as subscribers, in addition to the declining number of existing subscribers, or “churn,” that the Company was experiencing. The Complaint further alleges that during the Class Period, while Zillow shares were trading at artificially inflated prices, Company insiders sold more than three million shares of their own Zillow stock, garnering nearly $115 million of proceeds.
On November 5, 2012 Zillow announced its third quarter 2012 financial results and reduced its fourth quarter and full-year 2012 revenue guidance to below analysts’ estimates. The Company disclosed that it expected weakness in Zillow’s display advertising business as a result of its loss of a large display advertiser, Foreclosure.com. Following this news, the price of Zillow stock fell $6.22 per share from the previous day’s closing price, to a closing price of $28.15 per share on November 6, 2012 on extremely heavy trading volume.
If you are a member of the Class described above, you may move the Court, no later than January 28, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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