Realuoso is reporting that Move Inc has filed a lawsuit against Curt Beardsley, former VP of Product Marketing at Move. In March 2014, Beardsley defected from Move to Zillow. According to the suit, filed with the Superior Court of California in Los Angeles County, Beardsley is being sued for breach of contract and for violation of corporations code.
The lawsuit asserts that during his nine years at Move, Beardsley never sold any of his stock options or grants, until he learned “non-public, inside information that legally prohibited him from selling that stock.” The lawsuit asserts that he sold most of his Move stock (33,775 shares for roughly a $224,000 gain) when he learned that Samuelson would be departing to Zillow without notice, leaving Beardsley to be promoted to take over most of Samuelson’s executive duties, and that Beardsley would soon defect to Zillow as well.
The lawsuit also states that Beardsley was in breach of his contract for failing to comply with Move’s Insider Trading Policy, their Code of Conduct, and their Employee Handbook.
Move has reserved the right to recover restitution or damages “as proven at trial” and is seeking statutory damages up to three times Beardsley’s alleged insider profits, as well as attorney’s and court fees.