Zillow to Pay a $15 Million Settlement Following Securities Violations Probe

Zillow has agreed to pay $15 million to settle a lawsuit alleging it withheld information about a federal investigation into a co-marketing program for lenders and real estate agents, causing investors to purchase Zillow stock at artificially inflated prices.

Class representatives Jo Ann Offutt, Raymond Harris, and Johanna Choy filed a motion for preliminary approval of the class action settlement with Zillow Group Inc. on March 31 in a Washington federal court.

According to the plaintiffs, Zillow violated the U.S. Securities and Exchange Act by making misleading statements about the U.S. Consumer Financial Protection Bureau’s investigation.

Read the source article at topclassactions.com