NEW YORK, July 19, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Realogy Holdings Corp. ("Realogy" or the "Company") (NYSE: RLGY) of the September 9, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Realogy stock or options between February 24, 2017 and May 22, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/RLGY. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the District Court of New Jersey on behalf of all those who purchased Realogy securities between February 24, 2017 and May 22, 2019 (the "Class Period"). The case, Tanaskovic v. Realogy Holdings Corp., No. 2:19-cv-15053 was filed on July 11, 2019, and has been assigned to Judge Stanley R. Chesler.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Realogy was engaged in anticompetitive behavior by requiring property sellers to pay the commissions of a buyer's broker at an inflated rate; (2) Realogy's anticompetitive actions would prompt the U.S. Department of Justice ("DOJ") to open an antitrust investigation into the real estate industry's practices regarding brokers' commissions; and (3) as a result, Defendants' statements about the Realogy's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 11, 2019, the article "A new class action lawsuit could upend the real estate business as we know it" was published on The Real Deal. The article revealed that a lawsuit was filed against several realtors, including Realogy, which alleged that Realogy and others were violating antitrust laws. The article stated in relevant part:
On this news, Realogy's share price fell from $12.28 on March 11, 2019 to $12.07 on March 12, 2019— a $0.21 or a 1.71% drop.
On April 18, 2019, Housingwire reported in the article "NAR slapped with second class-action lawsuit to end buyer broker compensation" which stated in relevant part: [Realogy violated federal antitrust laws by requiring property sellers to pay the buyer's broker an inflated fee.]
On this news, Realogy's share price fell from $12.89 on April 18, 2019 to $12.32 on April 22, 2019— a $0.57 or a 4.42% drop.
On May 22, 2019, media reports revealed that the DOJ opened an investigation regarding antitrust practices of the real estate industry, which included Realogy. That day, Bloomberg published the article, "U.S. Opens Antitrust Probe of Real Estate Brokerage Industry" which discussed the investigation, stating in relevant part:
On this news, Realogy's share price fell from $7.84 on May 21, 2019 to $7.13 on May 23, 2019— a $0.71 or a 9.05% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Realogy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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