NEW YORK, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: Z and ZG). Zillow operates a real estate website in the U.S., including Zillow Offers, which buys and sells homes directly in dozens of markets across the country.
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 shares that trade under the symbols Z and ZG both fell over $20 per share, more than 20%, in after market trading on November 2, 2021.
If you purchased or otherwise acquired Zillow securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
