Zillow Inc (NASDAQ: Z) Investor Securities Class Action Lawsuit 11/29/2012

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Company Name(s): 
Zillow
Case Name: 
Zillow Shareholder Class Action Lawsuit 11/29/2012
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: Z
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/29/2012
Class Period Begin: 
02/15/2012
Class Period End: 
11/06/2012
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
01/28/2013
Case Dismissed: 
03/24/2015
Summary: 

March 24, 2015 - The U.S. Court of Appeals for the Ninth Circuit ordered the appeal voluntarily dismissed with prejudice pursuant to stipulation of the parties.

November 19, 2014 - The lead plaintiffs filed a notice of appeal.

October 20, 2014 - The court granted the defendants' motion to dismiss, dismissing the case with prejudice.

August 23, 2013 - The defendants filed a motion to dismiss.

August 22, 2013 - The parties filed a stipulation of dismissal of a certain defendant without prejudice.

June 24, 2013 - The lead plaintiffs filed an amended consolidated complaint.

April 24, 2013 - Lead plaintiffs and lead counsel were appointed.

January 28, 2013 - Lead plaintiff motions were filed.

November 29, 2012 - An investor in shares of Zillow Inc (NASDAQ: Z) filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged securities laws violations by Zillow Inc in connection with certain allegedly false and misleading statements.

According to the complaint the plaintiff alleges on behalf of purchasers of Zillow Inc (NASDAQ: Z) common stock during the period between February 15, 2012 and November 6, 2012, that Zillow Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 15, 2012 and November 6, 2012 allegedly materially false and misleading statements regarding the Company's business practices and financial results.

More specifically, the plaintiff alleges that defendants allegedly concealed the difficulties Zillow Inc was having signing up new real estate agents as subscribers and the churn it was experiencing in existing subscribers, and as a result of defendants' allegedly false statements, Zillow Inc's stock (NASDAQ: Z) traded at artificially inflated prices between February 15, 2012 and November 6, 2012, reaching a high of $46.17 per share on September 20, 2012.

Then on November 5, 2012, Zillow Inc reported its third quarter 2012 results. Among other things, Zillow Inc also issued its guidance for the fourth quarter and FY 2012.

Shares of Zillow Inc (NASDAQ: Z) declined from as high as $38.20 on November 2, 2012 to as low as $23.36 per share on November 15, 2012.

On November 29, 2012, NASDAQ: Z shares closed at $26.28 per share.