Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Zillow, Inc.

Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/z) announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of Zillow, Inc. (“Zillow”) (NASDAQ:Z) common stock during the period between February 15, 2012 and November 6, 2012 (the “Class Period”).

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/z.

The complaint alleges that during the Class Period, defendants concealed that the Company had gained control of Autonomy in 2011 based on financial statements that could not be relied upon because of serious accounting manipulation and improprieties. In addition, defendants concealed known negative business trends concerning the profit margins of the Company’s Enterprise Services business, formerly known as Electronic Data Systems Corporation (“EDS”), which Hewlett-Packard had acquired in August 2008 for $13.0 billion. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $29.89 per share on February 16, 2012.

On August 22, 2012, Hewlett-Packard issued a press release announcing a third quarter 2012 earnings per share loss of $4.49, largely as the result of an $8.0 billion charge for impairment of goodwill associated with the acquisition of EDS. On this news, the Company’s stock price dropped $1.56 per share to close at $17.64 per share on August 23, 2012. Then, on November 20, 2012, the Company disclosed it had taken an $8.8 billion charge related to its acquisition of Autonomy due to serious accounting improprieties. On this news, the Company’s stock price dropped $1.59 per share to close at $11.71 per share, a decline of 12%.

If you are a member of the class, you may, no later than January 28, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/z or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

Copyright Business Wire 2010

If you liked this article you might like

New Tax Laws Make Experts Nervous About State of U.S. Housing Market

New Tax Laws Make Experts Nervous About State of U.S. Housing Market

U.S. Home Values Rose Nearly $2 Trillion in 2017: Zillow

U.S. Home Values Rose Nearly $2 Trillion in 2017: Zillow

Closing Bell: LIVE MARKETS BLOG

Closing Bell: LIVE MARKETS BLOG

San Jose, Raleigh Are Now America's Hottest Housing Markets

San Jose, Raleigh Are Now America's Hottest Housing Markets

How to Build Your Home Just Like Microsoft Billionaire Bill Gates

How to Build Your Home Just Like Microsoft Billionaire Bill Gates