RADNOR, Pa., Nov. 04, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of investors of Zillow Group, Inc. (NASDAQ: Z) (“Zillow”).
Zillow, headquartered Seattle, Washington, is an online real estate marketplace company that operates real estate brands on mobile applications and websites in the United States. Zillow’s mobile applications and websites offer various real estate services, including buying, selling, renting, and financing residential properties.
On November 2, 2021, Zillow disclosed in a press release that due to volatility concerns, it planned to “wind down Zillow Offers,” one of the company’s services “in which Zillow acts as the primary purchaser and seller of homes.” Zillow indicated that they expected the closing of Zillow Offers to take several quarters to complete and stated that it “will include a reduction of Zillow’s workforce by approximately 25%.” Finally, Zillow reported that the company expected to incur “an additional $240 million to $265 million” in fourth quarter losses due to homes it anticipates purchasing in the fourth quarter. Following this news, Zillow’s stock price fell more than 10% on November 2, 2021, and over 25% on November 3, 2021.
If you are a Zillow investor and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; E-mail at info@ktmc.com.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
info@ktmc.com
