NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Zillow Group, Inc. (“Zillow” or the “Company”) (NasdaqGS:Z).
On August 8, 2017, Zillow filed a Form 10-Q report in which it disclosed that the Consumer Financial Protection Bureau (“CFPB”) had concluded its investigation into the Company relating to alleged violations of the Real Estate Settlement Procedures Act and the Consumer Financial Protection Act, following a Civil Investigative Demand sent by the CFPB in April 2017. Additionally, the Company revealed that it had been invited by the CFPB to discuss a possible settlement, and that the CFPB intends to pursue further action against the Company if those discussions do not result in a settlement.
On this news, Zillow’s share price declined from $47.93 on August 8, 2017, to a closing price of $43.59 on August 9, 2017 – a $4.34 or 9.05% drop.
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