SAN DIEGO & MADISON, N.J.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Realogy Holdings Corp. (NYSE: RLGY) filed a derivative complaint against the Company's officers and directors for breaches of fiduciary duties, unjust enrichment, waste of corporate assets, and for alleged violations of the Securities Exchange Act of 1934. Realogy provides real estate and relocation services.
If you suffered a loss as a result of Realogy's misconduct, click here.
Realogy Holdings Corp. (RLGY) Involved in U.S. Department of Justice Antitrust Investigation
According to the complaint, from February 2017 to May 2019, Realogy's officers and directors allowed the company to make false and misleading statements and omit material facts regarding its anticompetitive conduct, which resulted in property sellers paying inflated commissions to buyer's brokers. The complaint further alleges that the company failed to maintain adequate internal controls. The truth of Realogy's business practices was revealed in a series of articles from March to April 2019, resulting in Realogy's stock price falling 6.1%. Then, on May 22, 2019, media reports revealed that the U.S. Department of Justice ("DOJ") had opened an investigation on the antitrust practices of the real estate industry and identified Realogy as one of the companies under investigation. On this news, the stock price fell $0.71, over 9% to close at $7.13. In addition to the DOJ investigation, Realogy has been named a defendant in an antitrust action and securities class action, both of which are likely to subject Realogy to further financial damages.
Realogy Holdings Corp. (RGLY) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
LKandinov@robbinsarroyo.com
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Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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