SAN DIEGO, Oct. 19, 2022 (GLOBE NEWSWIRE) — Hausfeld LLP, Berger Montague PC, Lieff Cabraser Heimann & Bernstein, LLP and Justice Catalyst Law today filed a federal antitrust class action lawsuit against RealPage, Inc. (“RealPage”) and several of RealPage’s real estate management clients (the “Landlord Defendants”) (collectively, the “Defendants”). Counsel is representing the plaintiffs who have filed this lawsuit and a proposed class of people in a similar situation who claim inflated prices for renting real estate from the Defendants Landlords and others RealPage customers have paid.
The lawsuit alleges that the defendants conspired to use RealPage’s “revenue management” service to set rental rates and limit the supply of available rental units in major metropolitan areas of the United States. Plaintiffs allege that by using this conspiracy to suppress competition, the defendants raised rents above competitive levels and unlawfully suppressed the supply of rental housing, thereby harming the plaintiffs and thousands of renters across the United States.
Defendant RealPage was a public company from 2010 to 2020 when it was purchased by private equity firm Thoma Bravo in a transaction that valued RealPage at approximately $10.2 billion. The Landlord Defendants are some of the largest owners and managers of rental properties in the United States.
“Today’s lawsuit plausibly alleges that rental unit landlords coordinated to drive rents to unprecedented levels, exacerbating the nation’s affordable housing crisis,” said Gary I. Smith Jr., a partner at Hausfeld. “We look forward to defending our clients’ rights in this important federal antitrust case.”
Attorneys working on the case include Gary I. Smith Jr., Swathi Bojedla and Katie R. Beran von Hausfeld, Sophia M. Rios, Eric L. Cramer, Michaela L. Wallin and Daniel J. Walker from Berger Montague , Brendan P Glackin and Dean M. Harvey of Lieff Cabraser Heimann & Bernstein, LLP, and Janet M. Herold, Benjamin…
