Industry News

Move Inc. investors seek dismissal of CEO, CFO

Shareholder group charges company blundered $130 million investment
Published on Mar 7, 2008

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by CareyBot

A Move Inc. shareholder seeks the ouster of company CEO Mike Long and Chief Financial Officer Lewis R. Belote III over a $129.9 million securities investment that is currently illiquid.

David Nierenberg, representing The D3 Family Funds of Camas, Wash., charges in a U.S. Securities and Exchange Commission filing today that Realtor.com operator Move Inc.'s large investment in auction-rate securities was a "blunder," as investor interest in that market has dropped off sharply.

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