NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: Z) on behalf of Zillow stockholders. Our investigation concerns whether Zillow has violated the federal securities laws and/or engaged in 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.”
Following this news, Zillow’s stock price fell more than 10% on November 2, 2021, and over 25% on November 3, 2021.
If you purchased or otherwise acquired Zillow shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
