In Hot Water

By Christina B. Farnsworth. In mid-November, shareholder California State Teachers’ Retirement System filed suit in Los Angeles District Court against online real estate company Homestore.com. This latest accusation pairs Homestore and AOL Time Warner for allegedly concealing questionable three-way transactions, with other companies serving as intermediaries. The transactions allegedly led to overstatements of both companies’ revenues. Advanced Global Crossing, anyone?

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