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Connecticut saw increase in April for real estate listings Now may be the time to move
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New Compass Agents Can Compete With Howard Hanna: Court
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Two former Howard Hanna agents the brokerage sued last month have filed counterclaims alleging Howard Hanna is withholding their compensation after they were recruited by rival Compass.
In a March 23 amended complaint, Pittsburgh-based Howard Hanna alleged New York City-based Compass aided and abetted three former Howard Hanna agents Michael Hornung, Jennifer Crouse and Leah George to breach non-compete, non-solicitation and confidentiality provisions in the agents’ contracts with Howard Hanna and steal the brokerage’s trade secrets in order to burnish Compass’s image as a disruptive tech company in advance of its initial public offering.
The allegations are similar to those made by Zillow against Compass in an April 2019 lawsuit that ultimately settled and in a July 2019 suit filed by Realogy against Compass that is ongoing. Meanwhile, high-end Los Angeles-based brokerage The Agency accused Compass in a lawsuit Friday of illegally trying to preve
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Real estate brokerage Howard Hanna is suing rival Compass, alleging the heavily funded firm stole agents and trade secrets in order to burnish its image as a disruptive tech company in advance of Compass’ initial public offering.
In a March 23 amended complaint, Pittsburgh-based Howard Hanna alleged New York City-based Compass aided and abetted three former Howard Hanna agents Michael Hornung, Jennifer Crouse and Leah George to breach non-compete, non-solicitation and confidentiality provisions in the agents’ contracts with Howard Hanna and steal the brokerage’s trade secrets in order to compete unfairly and make itself look more impressive.
Compass and Howard Hanna are the fourth and fifth largest brokerages nationwide by transaction sides, respectively, according to Real Trends. Compass went public on April 1.
(Reuters) - Shares of SoftBank Group Corp-backed Compass Inc jumped 18% in their stock market debut on Thursday after being priced at the lower end of the reduced initial public offering (IPO) price range. Stock opened at $21.25, above the IPO price of $18 per share, giving the real estate brokerage firm a market value of $8.22 billion, and a fully diluted valuation of over $10 billion, which includes options and restricted stock. The company, which downsized its IPO and reduced its price target range, sold 25 million shares on Wednesday, raising about $450 million. It was earlier looking to raise about $936 million by selling 36 million shares at the upper end of its initial price range of $23 to $26 per share.
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