Ten-X Granted Preliminary Injunction Against CREXi

IRVINE AND SILICON VALLEY, CALIF. – November 3, 2016 – Ten-X, the nation’s leading online real estate marketplace, today announced that a preliminary injunction motion it filed against CREXi has been granted effective immediately. The preliminary injunction arises out of a lawsuit filed by Ten-X earlier this year for breach of contract, breach of duty of loyalty, and misappropriation of trade secrets against CREXi and its founder who formerly worked for Ten-X.

Ten-X’s online marketplace brings together buyers and sellers, and the agents and brokers who represent them, to conduct real estate transactions. Since its inception, Ten-X has invested significant resources into developing its proprietary online platform and collecting and deploying critical data regarding customers, properties and transactions. Ten-X’s lawsuit maintains that in order to launch the CREXi business, its founder misappropriated Ten-X trade secrets, violated a proprietary information and inventions agreement, breached a duty of loyalty to Ten-X, and took steps to conceal this misconduct.

In granting the preliminary injunction against CREXi and its founder, the court ruled that Ten-X was highly likely to succeed on the merits of its claims at trial and that a preliminary injunction was appropriate to prevent irreparable harm to Ten-X. Under the court’s order, until the litigation is resolved, CREXI’s website is barred from offering certain features, including any functionality empowering parties to make, display or negotiate offers, create and execute contracts, or manage and close transactions through an application or tool contained on the website. CREXi has also been enjoined from marketing its service or any client listings to more than 120,000 customers. In addition, the court has placed certain restrictions on CREXi with respect to the sale of equity securities and required that CREXi return or destroy all copies of Ten-X documents in its possession.

“Ten-X does not relish bringing lawsuits against former employees,” said Ten-X Chief Legal Officer Lee Leslie. “However, Ten-X management felt very strongly that what occurred in this case was wrong and that we had to take legal action to enforce our rights. We are pleased with the court’s ruling on our preliminary injunction request and look forward to a successful resolution of this matter at trial.”

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About Ten-X

Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 244,000+ residential and commercial properties totaling more than $41 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com