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.
February 22, 2002 |
Homestore.com Inc. said it overstated revenue by as much as $113million in the first nine months of 2001, more than the $95million the biggest online home listing company had estimated. In 2000, revenue was overstated by $39million to $45million, the Westlake Village-based company said. Homestore.com originally said it had $351million in revenue through the first nine months of 2001 and $229million for all of 2000. Homestore.
February 26, 2002 |
The California State Teachers' Retirement System filed a motion Monday to be named lead plaintiff in nearly 20 consolidated lawsuits against Homestore.com Inc. and several former executives. The move is another example of pension funds seeking to spearhead efforts to recover damages from companies alleged to have used phony accounting to attract investors. Major pension funds also are aggressively seeking damages from Enron Corp.
February 14, 2002 |
Homestore.com Inc., the Internet's largest supplier of home-sale listings, announced Wednesday that it will restate its 2000 financial results and file new numbers by mid-March, fueling analysts' doubts about the viability of the Westlake Village company. On news of the expanding internal accounting inquiry, the Nasdaq Stock Market halted trading in Homestore shares until the company fully satisfies the exchange's request for additional information.