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Why LegalZoom Stock Dove by Nearly 11% This Week

TheMotleyFool

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Why LegalZoom Stock Dove by Nearly 11% This Week: https://g.foolcdn.com/editorial/images/747125/judge-banging-gavel-in-court.jpg

The market delivered an unfavorable verdict on LegalZoom's (NASDAQ: LZ) stock this week, with investors bidding its share price down by almost 11%, according to data compiled by S&P Global Market Intelligence. News that a major shareholder selling its stake was the main catalyst of the sell-off.

LegalZoom, which provides online legal services, said Wednesday that the stakeholder is selling 13 million common shares in an underwritten public offering. The underwriters have been granted a 30-day option to purchase an additional 1.95 million shares.

The offering has been priced at $10 per share -- noticeably below the $11.29 per share price where the stock closed last Friday.

Source Fool.com

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