|[January 17, 2013]
Levi & Korsinsky Notifies Investors with Losses on Their Investment in Zillow, Inc. of Class Action Lawsuit and the Deadline of January 28, 2013 to Seek a Lead Plaintiff Position
NEW YORK --(Business Wire)--
Levi & Korsinsky announces that a class action lawsuit has been
commenced in the USDC for the Western District of Washington on behalf
of investors who acquired Zillow, Inc. ("Zillow" or "the Company")
(Nasdaq: Z) stock between February 15, 2012 and November 6, 2012.
For more information, click here: http://zlk.9nl.com/zillow-z/.
The complaint alleges that defendants concealed the difficulties Zillow
was having signing up new real estate agents as subscribers and the
churn it was experiencing in existing subscribers. As a result, Zillow's
stock traded at artificially inflated prices during which time Company
insiders sold more than 3 million shares of their own Zllow stock for
nearly $115 million. The Company then raised $156 million through a
follow-on offering in September 2012 just thirty days after assuring
investors that the filing of a Form S-3 Registration Statement was not
intended for a follow-on offering.
Then on November 5, 2012, Zillow issued a press release announcing its
third quarter 2012 financial results and reducing its fourth quarter and
full year 2012 revenue guidance that fell below analysts' estimates.
Furthermore, Zillow announced that it had lost a large display
advertiser, Foreclosure.com, and therefore defendants expected weakness
in the Company's display advertising business. These disclosures caused
Zillow stock to fall $6.22 per share to close at $28.15 per share on
November 6, 2012.
If you suffered a loss in Zillow you have until January 28, 2013 to
request that the Court appoint you as lead plaintiff. Your ability to
share in any recovery doesn't require that you serve as a lead
plaintiff. To obtain additional information, contact Joseph E. Levi,
Esq. either via email at firstname.lastname@example.org
or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/zillow-z/.
Levi & Korsinsky is a national firm with offices in New York and
Washington D.C. The firm has extensive expertise in prosecuting
securities litigation involving financial fraud, representing investors
throughout the nation in securities and shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar outcomes.
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