Zillow Is Hit With Investor Suit Over Its Homebuying Program

By Craig Clough (January 6, 2022, 9:59 PM EST) -- Zillow stockholders hit the company and its leaders with a securities lawsuit in Washington federal court Thursday alleging that they were misled about when Zillow failed to disclose that it lacked the ability to price homes for its Zillow Offers business, the company's homebuying service.

Plaintiff Aaron Winston Hillier said in the putative class action that the inability, in addition to labor and supply shortages, resulted in a backlog of inventory and, as a result, the company knew it would have to wind down that part of its business, which would harm its financial results.

Despite the knowledge that the homebuying...

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