Quinn Emanuel Barred From CREXi Antitrust Case, Boosting CoStar's Defense
CSGP is trading near its 52-week low of $26.68 (4.0% above the low).
Summary
A federal judge disqualified Quinn Emanuel from representing CREXi in its antitrust case against CoStar, ruling the firm breached its duty of loyalty by previously representing CoStar. This removes a top-tier litigation firm from the opposing side, strengthening CoStar's position in a case where CREXi alleges monopolistic practices. The ruling follows CoStar's copyright lawsuit against CREXi and comes amid CoStar's aggressive expansion, including the recent Zonda and Wikicasa deals. The decision may pressure CREXi to settle or weaken its counterclaims, reducing legal overhang for CoStar.
At the time of this announcement, CSGP was trading at $27.75 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $11.3B. The 52-week trading range was $26.68 to $97.43. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.