CORRECTED VERSION: LoopNet Responds to CoStar Complaint |
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By: LoopNet, Inc. Posted: 2008-02-06 04:14:17 |
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LoopNet, Inc. (Nasdaq: LOOP) released the following statement today:
"LoopNet believes the complaint filed today in the United States District Court, Southern District of New York, by CoStar Group, Inc. (Nasdaq: CSGP) is completely without merit. LoopNet will defend itself vigorously against CoStar's suit. "CoStar's complaint follows an earlier lawsuit filed by LoopNet against CoStar Group, Inc. and CoStar Realty Information, Inc. on November 15, 2007 in the Superior Court of the State of California for breach of contract, violation of the California Comprehensive Computer Data Access and Fraud Act and unfair competition arising from CoStar's unlawful use of LoopNet property listings and listing information. "LoopNet's complaint alleges that CoStar has engaged in a pattern of unlawful reproduction and use of LoopNet property listings and listing information that CoStar has misappropriated from the LoopNet website, reproduced on CoStar's website and used to contact LoopNet's customers in an effort to convince them to use CoStar's service. LoopNet's complaint further alleges that CoStar has misrepresented that it independently compiled data and photographs that in fact were copied without authorization from the LoopNet website. "LoopNet's lawsuit seeks damages and an injunction to bring an end to CoStar's unlawful attempts to build its business on the back of LoopNet." About LoopNet, Inc. LoopNet is the leading online marketplace for commercial real estate and businesses for sale in the United States. Our online marketplace, available at http://www.LoopNet.com, enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant. Commercial real estate brokers, agents, buyers and tenants use the LoopNet online marketplace to search for available property listings that meet their commercial real estate criteria. By connecting the sources of commercial real estate supply and demand in an efficient manner, we believe that LoopNet enables commercial real estate participants to initiate and complete more transactions more cost-effectively than through other means. LoopNet also delivers technology and information services to commercial real estate organizations to manage their online listing presence and optimize property marketing. Forward-Looking Statements This release contains forward-looking statements regarding LoopNet's current expectations with respect to these pending lawsuits and LoopNet's business. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to the inherent uncertainties involved in litigation, the preliminary nature of the most recent lawsuit filed, costs associated with pursuing and defending litigation and the associated management distraction related to litigation. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement are contained in our Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings made by us. Copies of filings made by us with the SEC are available on the SEC's website or at http://investor.loopnet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release which are based on information available to us as of the date of this release. |
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