In re Homestore.com Inc.
Published: Feb. 18, 2012 | Result Date: Feb. 24, 2011 | Filing Date: Jan. 1, 1900 |Case number: CV 01-11115 RSWL (CWx) Verdict – Defense
Court
USDC Central
Attorneys
Plaintiff
Joseph W. Cotchett Jr.
(Cotchett, Pitre & McCarthy LLP)
Defendant
Howard M. Privette II
(Troutman, Pepper, Hamilton & Sanders LLP)
William F. Sullivan
(Paul Hastings)
D. Scott Carlton
(Paul Hastings LLP)
Facts
Defendant Stuart Wolff was the CEO of Homestore.com, a website that connected the real estate industry to consumers. After Homestore's 1999 IPO, its stock price rose up to $200/share and then fell. After December 2001, Homestore restated almost $200 million in revenues and the stock traded under $2/share. Plaintiffs filed a class action suit against Homestore, its former CEO, Stuart Wolff, and other entities and individuals. Plaintiffs settled with Homestore and other defendants for over $100 million prior to Wolff's trial.
Damages
At trial, plaintiffs' experts estimated total class damages to be $1.25 billion.
Result
The court found that nothing could be taken from Wolff and thus dismissed with prejudice.
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