Governance & Derivative
Zillow Group, Inc. (NasdaqGS: Z)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Zillow Group, Inc. (NasdaqGS: Z).
In October 2021, market disclosures and reports gradually revealed problems facing the Company’s highly touted iBuying or “Instant Buyer” segment, Zillow Offers. Soon after, in November 2021, the Company disclosed that it was “wind[ing] down” the Zillow Offers program, laying off approximately 25% of its workforce, requiring a third quarter inventory write-down of $304 million, with an expected additional fourth quarter write-down of approximately $240 to $265 million.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Zillow’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Zillow shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.