LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the common stock of Zillow, Inc. (“Zillow” or the “Company”) (NASDAQ:Z) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Zillow between February 15, 2012 and November 6, 2012 were false and misleading concerning the Company’s business and financial prospects.
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 the Company 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.
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 shares 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, 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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