In Re Homestore. Com, Inc. Securities Litigation

ORDER ON DEFENDANT PRICEWA-TERHOUSE COOPERS’ MOTIONS FOR SUMMARY JUDGMENT

This matter comes before the Court on Defendant PricewaterhouseCoopers, LLP’s (“PwC”) motions for summary judgment (Dkt. Nos.343, 344, 345). Lead Plaintiff California State Teachers’ Retirement System (“CalSTRS”) originally brought this private securities action alleging various acts of fraud on the part of several of Defendant Homestore.com, Inc.’s (“Homestore”) officers and executives. CalSTRS later filed a First Amended Consolidated Complaint naming PwC and several third party corporations, alleging various degrees of participation in the fraudulent actions of Homestore. The Court certified a class of persons who purchased Homestore stock from January 1, 2000 through December 21, 2001. PwC now brings three motions for summary judgment. The first two motions address allegations by the Plaintiffs that PwC was a primary violator of Section 10(b) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder, both on the issue of scienter and on what specific acts can be considered primary violations of the Act and Rule. PwC also brings a motion for summary judgment as to Plaintiffs’ claim that PwC was…