SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Zillow Group, Inc. - Z; ZG
NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Zillow Group, Inc. ("Zillow" or the "Company") (NASDAQ: Z;ZG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Zillow and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 2, 2021, after the market closed, Zillow issued a press release reporting "Third-Quarter 2021 Financial Results" and its "Plan to Wind Down Zillow Offers Operations." The press release disclosed that the Company is reducing its workforce by approximately 25% and plans to take as much as $569 million in write-downs. Among other things, the press release states "[i]ncluded in the company's third-quarter financial results is a write-down of inventory of approximately $304 million within the Homes segment as a result of purchasing homes in Q3 at higher prices than the company's current estimates of future selling prices" and "[t]he company further expects an additional $240 million to $265 million of losses to be recognized in Q4 primarily on homes it expects to purchase in Q4." On this news, Zillow's stock price fell sharply during intraday trading on November 3, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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