January 21, 2021 - The court granted the defendants' motion to dismiss.
August 8, 2020 - A motion to dismiss the amended complaint was filed.
March 6, 2020 - An amended complaint was filed.
July 9, 2019 - An investor in shares of Realogy Holdings Corp. (NYSE: RLGY) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Realogy Holdings Corp. in connection with certain allegedly false and misleading statements made between February 24, 2017 and May 22, 2019.
Madison, NJ based Realogy Holdings Corp., through its subsidiaries, provides real estate and relocation services. Realogy Holdings Corp. reported that its annual Total Revenue declined from over $6.11 billion in 2017 to over $6.07 billion in 2018 and that its Net Income declined from $431 million in 2017 to $137 million in 2018.
On May 22, 2019, media outlets reported that the U.S. Department of Justice is investigating Realogy Holdings Corp for potential anti-competitive practices related to residential real estate brokerage, focusing primarily on broker compensation and listing restrictions.
Shares of Realogy Holdings Corp. (NYSE: RLGY) declined to as low as $6.98 per share on May 31, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Realogy Holdings Corp. (NYSE: RLGY) common shares between February 24, 2017 and May 22, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 24, 2017 and May 22, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Realogy was engaged in anticompetitive behavior by requiring property sellers to pay the commissions of a buyer’s broker at an inflated rate, that Realogy’s anticompetitive actions would prompt the U.S. Department of Justice to open an antitrust investigation into the real estate industry’s practices regarding brokers’ commissions, and that 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. When the true details entered the market, the lawsuit claims that investors suffered damages.