May 2, 2000 |
Homestore.com Inc. said it reached a five-year expanded agreement valued at more than $200 million with America Online Inc. to be the exclusive provider of real estate listings and home services on the world's largest online service. Thousand Oaks-based Homestore.com controls more than 90% of homes listed for sale on the Internet, which has prompted an investigation by the Justice Department. AOL will receive shares amounting to a 5.6% stake in Homestore.com. Homestore.com's shares rose $4.
September 16, 1999 |
Thousand Oaks-based Homestore.com Inc. on Wednesday launched a Web site dedicated to remodeling and home improvement in conjunction with the industry's two main trade associations. The company hopes its Remodel.com will build on traffic from the firm's other sites, which include Realtor.com, the leading real estate Web site, and sites focused on apartments and home building. Remodel.com is sponsored by the National Assn. of Home Builders, which holds a minority stake in Homestore.
December 22, 2001 |
Homestore.com Inc., two weeks after its chief financial officer resigned, said Friday that its board is conducting an inquiry into accounting practices. Homestore.com, the biggest online home-listing company, also said it will restate certain financial statements. The board's audit committee notified the Securities and Exchange Commission of the inquiry and has hired an independent counsel and accountants to assist it, the company said.
November 7, 2006 |
Peter Tafeen, a former vice president of business development at Homestore.com Inc., was sentenced Monday to two years in prison for his role in a fraud at the provider of Internet home listings. Tafeen, 37, pleaded guilty in March to securities fraud. He was sentenced in Los Angeles federal court, said his lawyer, Brian Hennigan. At his plea hearing, the former executive admitted orchestrating so-called round-trip advertisement sales at the company to artificially boost revenue.
July 1, 2005 |
PricewaterhouseCoopers agreed to pay $17.5 million to settle a class-action lawsuit brought by investors over the accounting firm's audits of Homestore.com Inc. in 2000 and 2001. PricewaterhouseCoopers didn't admit wrongdoing as part of the preliminary settlement, the California State Teachers' Retirement System, the lead plaintiff, said Thursday. The teachers' group, the third-largest U.S. pension fund, sued PricewaterhouseCoopers, Homestore.
May 15, 2002 |
Homestore.com Inc., the largest source of for-sale home listings on the Internet, on Tuesday reported a net loss of $34.8 million in the first quarter on revenue of $74.1million. The loss for the three-month period was much smaller than the $99.8-million loss the company reported during the same quarter last year. Excluding discontinued operations, the Westlake Village-based company would have reported a loss of $35.7 million. Homestore.com shares fell 5cents Tuesday to $2.23 on Nasdaq.