Homestore Disciplines Employees

January 18, 2002

Seven Staffers Fired--Or Resigned--In Connection With Internal Accounting Audit

Inman News Features yesterday announced additional disciplinary actions related to its previously announced internal accounting inquiry.

The company has terminated or accepted resignations from seven employees, including three who previously had been placed on administrative leave. The company did not disclose the employees? names.

Homestore on Jan. 2 announced preliminary results of the audit had found the company overstated its online advertising revenues for the first three quarters of 2001 by $54-$95 million. No further details have been announced.

Stuart Wolff, former Homestore chairman and CEO, resigned Jan. 7.

The company said additional disciplinary measures may be taken before the accounting inquiry is completed.

Copyright: Inman News Service

Contact ALTA at 202-296-3671 or [email protected].