Insider trading, no more at Homestore

August 12, 2002

A year ago, cashing out was rampant

Inman News Features

Last year, it was difficult to keep up with insider trading at Homestore.

But this year the only inside trade at the online real estate company was by former Homestore CFO Joseph Shew, who sold 13,021 shares of Homestore in April for $32,566.

In a two-day span from July 31 to August 1 last year, Shew along with then Homestore Chairman Stuart Wolff, SVP David Rosenblatt, VP Peter Tafeen, COO John Giesecke, President Michael Buckman and executive Catherine Giffin went on a options selling spree.

Collectively, those seven executives exercised and sold more than $35 million worth of stock. Today, the company's entire market capitalization hovers around $80 million.

Some of these trades have attracted the attention of plaintiffs in shareholder class-action lawsuits because of their timing with announcements in October about financial woes at the online real estate company.

Copyright: Inman News Service

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