Moore Kuehn, PLLC Encourages Investors of Zillow Group, Inc. or Z, ZG Stock to Contact Law Firm
New York, New York--(Newsfile Corp. - November 22, 2021) - Moore Kuehn, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG)
The investigation involves directors and officers regarding possible breaches of fiduciary duties by or related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things: (1) despite operational improvements, Zillow experienced significant unpredictability in forecasting home prices for its Zillow Offers business; (2) such unpredictability, as well as labor and supply shortages, led to a backlog of inventory; (3) as a result, Zillow was reasonably likely to wind down its Zillow Offers business, which would have a material adverse impact on its financial results; and (4) consequently, defendants' positive statements about Zillow's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On October 18, 2021, Zillow announced that Zillow Offers suspended signing of new contracts through 2021 and would focus on its current inventory, citing a "backlog in renovations and operational capacity restraints." Zillow claimed that "[p]ausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory." On this news, Zillow's Class A and Class B share prices fell by more than 9%.
Then, on November 2, 2021, Zillow announced that it would wind-down Zillow Offers because "the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility." As a result, third quarter 2021 financial results included "a write-down of inventory of approximately $304 million.
If you own Zillow Group, Inc. or Z, ZG stock, 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 Fletcher Moore, Esq. by email at email@example.com or telephone at (212) 709-8245.
There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
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