Industry News

ActiveRain sues Move Inc. over failed acquisition

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ActiveRain, an online real estate blogging community and social network with about 47,000 members, has filed a lawsuit against property-search giant Move Inc. that seeks millions in damages and alleges that Move broke the law when it backed out of an acquisition plan and launched its own blogging platform. In an 18-page response to the lawsuit, filed this month, Move opposes the allegations and seeks a jury trial. Julie Reynolds, a Move spokeswoman, said the company cannot comment about active litigation. The lawsuit, filed Aug. 2 in U.S. District Court for the Central District of California, alleges that Move approached ActiveRain in November 2006 "about a potential financing or purchase of ActiveRain by Move," and also alleges that the company "assured ActiveRain that it wanted to acquire ActiveRain, and gave assurances in this regard in order to convince ActiveRain to disclose its confidential information to Move." ActiveRain seeks $33 million in damages, and alleges Move violated t...