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Homestore Com Inc

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BUSINESS
August 11, 2001 | Bloomberg News
Homestore.com Inc., the No. 1 Internet real estate listing company, agreed to buy IPlace Inc. for $150 million in cash and stock from Stamford, Conn.-based MemberWorks Inc. Langhorne, Pa.-based IPlace offers free online credit checks and a $79.95-a-year credit monitoring service that notifies consumers if derogatory information is added to their credit reports. Shares of Westlake Village-based Homestore.com fell $2.45 to close at $21.60, while MemberWorks gained $2.06 to $24.10, both on Nasdaq.
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BUSINESS
November 8, 2006 | From the Associated Press
A former Homestore Inc. executive will pay $2.6 million to settle charges of shareholder fraud in connection with a scheme to inflate advertising revenue at the online real estate listings company, the Securities and Exchange Commission said Tuesday. Peter B. Tafeen of Parkland, Fla., was executive vice president for business development at the Westlake Village-based company. Homestore has since changed its name to Move Inc.
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BUSINESS
October 23, 2004 | From Bloomberg News
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.
BUSINESS
November 7, 2006 | From Bloomberg News
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.
BUSINESS
May 2, 2000 | Bloomberg News
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.
BUSINESS
September 16, 1999 | Jonathan Gaw
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.
BUSINESS
December 22, 2001 | ELIZABETH HAYES, BLOOMBERG NEWS
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.
BUSINESS
November 7, 2006 | From Bloomberg News
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.
BUSINESS
July 1, 2005 | From Bloomberg News
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.
BUSINESS
May 15, 2002 | From a Times Staff Writer
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.
BUSINESS
August 6, 2005 | From Bloomberg News
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.
BUSINESS
July 1, 2005 | From Bloomberg News
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.
BUSINESS
May 17, 2005 | From Reuters
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.
BUSINESS
October 23, 2004 | From Bloomberg News
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.
BUSINESS
August 4, 2004 | Annette Haddad, Times Staff Writer
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.
BUSINESS
May 7, 2004 | Roger Vincent, Times Staff Writer
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.
BUSINESS
February 22, 2002 | From Bloomberg News
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.
BUSINESS
July 17, 2001 | From Times Staff and Wire Reports
The Justice Department said Monday that it had terminated a probe into possible anti-competitive business practices by Homestore.com Inc. without taking action against the Internet's largest single source of home-sale listings. The agency's antitrust unit had been investigating the Thousand Oaks-based firm's business strategy, which includes exclusive contracts with many of the country's largest residential property listing services. The investigation had been underway since April 2000.
BUSINESS
March 20, 2004 | Dana Calvo, Special to The Times
Legal trouble continues to dog Homestore Inc., the country's largest Internet-based provider for homes-for-sale listings. With several of its former employees already convicted on criminal charges in the wake of a book-cooking scheme, the Westlake Village company and two of its former high-ranking executives are being sued by the onetime owners of Top Producer, a Canadian company that was acquired by Homestore in May 2000. Wall Street firm Merrill Lynch & Co. is also named as a defendant.
BUSINESS
November 12, 2003 | Roger Vincent, Times Staff Writer
Homestore Inc. said Tuesday that its third-quarter loss narrowed by 23% as the once-highflying Internet real estate company continued its struggle to reorganize. The Westlake Village-based company, which operates leading Internet real estate site Realtor.com, "resolved substantially" long-standing financial and legal challenges and increased its focus on operations, said Chief Executive Michael Long.
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