Move Inc. (formerly Homestore) is a public company that operates move.com and Realtor.com through a contract with the National Association of Realtors (NAR) trade group. ActiveRain is a social networking online community with close to 75,000 members who use the site for interest groups, blogging and online networking.
Among other things, the lawsuit alleges that Move Inc. approached ActiveRain in hopes of purchasing their website, and then intentionally fell into breach of contract by engaging in fraudulent activity and unfair competition during the failed acquisition. Move has countered that they believe their actions were without malicious intent, and conducted in fairness.
The lawsuit further alleges that officials at ActiveRain were misled when they were told that the acquisition was nearly complete. They believe this is further proof that Move was trying to acquire “highly sensitive material about its members and its network or platform in electronic format, in anticipation of the supposed impending closing.”
Both parties are currently in the process of gathering data and depositions.
Labels: ActiveRain , lawsuits , Move Inc. , NAR , real estate , Realtor , Realtor.com , technology
