The Real Brokerage Inc. Announces Involvement in Class Action Litigation
December 28 2023 - 7:30AM
Business Wire
The Real Brokerage Inc. (Nasdaq: REAX) today announced that it
has been named as a defendant in a putative class action lawsuit,
which was filed in the United States District Court for the Western
District of Missouri.
The lawsuit, under the caption Umpa v. The National Association
of Realtors, et al. (the “Class Action”), alleges that certain real
estate brokerages, including The Real Brokerage, participated in
practices resulting in inflated buyer broker commissions, in
violation of federal antitrust laws.
The Company is currently evaluating the complaint and at this
time cannot provide further details or comments. The Company
believes that additional antitrust litigation may be possible. The
Company cannot provide any assurances that results of this or
similar litigation will not have a material adverse effect on its
business, results of operations or financial condition. The Real
Brokerage will continue to monitor the situation closely and will
provide updates as more information becomes available and is
appropriate for disclosure.
About Real
Real (NASDAQ: REAX) is a real estate experience company working
to make life’s most complex transaction simple. The fast-growing
company combines essential real estate, mortgage and closing
services with powerful technology to deliver a single seamless
end-to-end consumer experience, guided by trusted agents. With a
presence in all 50 states throughout the U.S. and Canada, Real
supports more than 13,000 agents who use its digital brokerage
platform and tight-knit professional community to power their own
forward-thinking businesses.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws. Forward-looking
information is often, but not always, identified by the use of
words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”,
“expect”, “likely” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. These statements reflect
management’s current beliefs and are based on information currently
available to management as of the date hereof. Forward-looking
information in this press release includes, without limiting the
foregoing, expectations regarding Real’s belief’s regarding
additional litigation. Forward-looking information is based on
assumptions that may prove to be incorrect, including but not
limited to Real’s business objectives, expected growth, results of
operations, performance, business projects and opportunities and
financial results. Real considers these assumptions to be
reasonable in the circumstances. However, forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
in the forward-looking information. Important factors that could
cause such differences include, the impact of additional
litigation. These factors should be carefully considered and
readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this press release are based upon what management believes to be
reasonable assumptions, Real cannot assure readers that actual
results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this
press release, and Real assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231228167150/en/
Investor inquiries, please contact: Ravi Jani Vice President,
Investor Relations and Financial Planning & Analysis
investors@therealbrokerage.com 908.280.2515
For media inquiries, please contact: Elisabeth Warrick Senior
Director, Marketing, Communications & Brand
elisabeth@therealbrokerage.com 201.564.4221
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