SAN DIEGO, Dec. 19, 2012 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of purchasers of Zillow, Inc (Z) common stock during the period between February 15, 2012 and November 6, 2012.
The plaintiff alleges that the defendants violated Federal Securities Laws in connection with certain allegedly false and misleading statements concerning Zillow's subscribers.
If you are a current long-term stockholder in shares of Zillow Inc (Z) and / or purchased Zillow shares directly in the Secondary Offering on September 6, 2012, and / or purchased a significant amount of Zillow shares between February 15, 2012 and November 6, 2012, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
More specifically, the plaintiff alleges that defendants concealed 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 (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 reduced its guidance for the fourth quarter and FY 2012.
Shares of Zillow Inc declined from as high as $38.20 on November 2, 2012 to as low as $23.05 per share on November 16, 2012.
Those who purchased Zillow shares have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931