Law Offices of Todd M. Garber Announces Investigation of Zillow, Inc.
The Law Offices of Todd M. Garber announces that it is investigating potential claims against Zillow, Inc. (“Zillow” or the “Company”) (NASDAQ: Z) concerning possible violations of federal securities laws.
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 investigation is related to allegations that certain statements issued by Zillow between February 15, 2012 and November 6, 2012 failed to disclose that the Company 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.
On November 5, 2012 Zillow announced its third quarter 2012 financial results and reduced its fourth quarter and full-year 2012 revenue guidance. The Company further disclosed that it expected weakness in Zillow's display advertising business as a result of its loss of a 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 purchased Zillow common stock between February 15, 2012 and November 6, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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The Law Offices of Todd M. Garber, Los Angeles
Todd M. Garber, Attorney at Law