LOS ANGELES (Legal Newsline) – A consumer alleges he purchased artificially inflated Zillow securities.
Stephen Vargosko filed a complaint on behalf of himself and all others similarly situated on Aug. 22 in the U.S. District Court for the Central District of California against Zillow Group Inc., Spencer M. Rascoff and Kathleen Philips citing the Securities Exchange Act.
According to the complaint, the plaintiff alleges that the defendants released materially false and/or misleading statements in February and May of this year and failed to disclose that the company's co-marketing program did not comply with the Real Estate Settlement Procedures Act. As a result, the plaintiff alleges he and class members were damaged by a decline of market value in the company's securities.
The plaintiff requests a trial by jury and seeks pay damages, interest, all legal fees and any other relief as the court deems just. He is represented by Laurence M. Rosen of The Rosen Law Firm PA in Los Angeles.
U.S. District Court for the Central District of California case number 2:17-cv-06207-FMO-AS