Industry News

Move Inc. investors seek dismissal of CEO, CFO

Shareholder group charges company blundered $130 million investment

A Move Inc. shareholder group 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 operator Move Inc.'s large investment in auction-rate securities was a "blunder," as investor interest in that market has dropped off sharply. Move Inc. officials were not immediately available for comment. Nierenberg requests in the filing that the Move Inc. board "dismiss both the CEO and the CFO. We believe in personal accountability. To us it really is that simple." The document also questions whether the company "trusted the glib assurances of those who sold it the auction-rate securities without performing Move's own independent due diligence or post-investment monitoring," and whether the investmen...