August 6, 2005 |
A former chairman and chief executive of Homestore Inc. has sued the company, demanding about $6.3 million to cover legal fees stemming from investigations and lawsuits that accuse him of helping to inflate revenue. Stuart Wolff filed the suit July 1 in Delaware Chancery Court, the Westlake Village company said in a Securities and Exchange Commission filing Friday. Homestore, which has the most home listings online, operates Realtor.com, HouseBuilder .com and Homestore.com.
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 17, 2005 |
The former chief executive and a senior executive of once-highflying Internet company Homestore.com pleaded not guilty to charges of defrauding investors by inflating advertising revenue at the real estate firm. Investigators claim former Chief Executive Stuart Wolff misrepresented the company's financial condition to Wall Street analysts and investors.
October 23, 2004 |
The Securities and Exchange Commission said it should be easier for private citizens to sue accountants, lawyers, vendors and others for securities fraud. In a legal brief supporting a fraud claim against Homestore.com Inc., SEC lawyers argued that the legal threshold for deciding whom can be sued in such cases was too high. Plaintiffs should be allowed to sue those indirectly involved in a fraud as well as those directly responsible, the brief said. The 9th U.S.
August 4, 2004 |
Homestore Inc. said Tuesday that its second-quarter loss narrowed and revenue rose, but the Internet's largest provider of real estate listings warned that ongoing legal issues would continue to be a drag on the bottom line for at least the rest of the year. The Westlake Village company reported a net loss of $4.3 million, or 3 cents a share, for the three months ended June 30. That compares with a loss of $91.7 million, or 78 cents, in the same period a year earlier. Revenue rose 5% to $56.
May 7, 2004 |
Homestore Inc., the largest provider of homes-for-sale listings on the Internet, said Thursday that it lost $5.1 million in the first quarter and posted a slight gain in revenue. The Westlake Village company said the loss amounted to 4 cents a share, 1 cent short of analysts' expectations for the three months ended March 31. In the same period a year earlier, the company posted a profit of $87.2 million, or 72 cents a share, thanks to a one-time gain of $104.1 million.